Hong Kong hotelier Kadoorie to stay on 'as long as' health permits

HONG KONG -- Michael Kadoorie, the 82-year-old chairman of the company that runs the luxury Peninsula Hotels chain, said Wednesday that he plans to stay on for the foreseeable future, while the group seeks a successor to its retiring chief executive who is almost 20 years his junior.

The third-generation scion of the Kadoorie family doubles as the chairman of family-owned CLP Holdings, the largest part of Hong Kong's electric power duopoly. Asked about his succession plans at the annual general meeting of Hongkong and Shanghai Hotels, Kadoorie replied, "As long as I feel that there's value that I can give, then hopefully, as long as I'm well, I shall continue."