Stanley Ho is about to give his daughter the reins of his legendary Shun Tak Holdings Ltd. after his work on it for the last more than four decades. Pansy Ho will be in charge of the Hong Kong conglomerate, as his father has stepped down from his Chairman position and is also no longer a director or officer at the company.
From now on the 95-year-old tycoon is going to be a Chairman Emeritus, which is a designation which is often given as a reward and a sign of appreciation to retired founders or corporative visionaries, who have done a lot or their company and brought it to new heights. The organization owns businesses in property, shipping, hospitality, and investment. After the stroke he suffered in 2009, he began gradually decentralizing his company and giving family members the opportunity to manage it.
Stanley Ho is Macau’s wealthiest man and one of the richest in Asia. His net worth is US$2 billion, which makes him the 13th wealthiest man in Hong Kong. He has four wives and sixteen children some of which are in the gambling industry as well. Being the head of one of the most profitable businesses through SJM Holdings, Ho is considered one of the main reasons why Macau is the gambling hub ti is now. He helped the then developing peninsula to become Asia’s biggest gambling location, attracting enthusiasts from all around the world. By monopolizing gaming on a local level, he acquired ownership of more than 50 percent of the territory’s economy, which truly made him “The King of Macau” as he is unofficially known.
One of his daughters, Pansy Ho was the Managing Director of Shun Tak Holdings, until recently. Her new position as the Executive Chairman is no surprise to anyone since she already has shown her managing potential in the company. She has two sisters working in the company – Daisy Ho is Deputy Managing Director and Maisy Ho is currently Executive Director of the corporation. Their father’s investments cover the territories of Mozambique, East Timor, the Philippines, China, Indonesia, North Korea, Portugal, and Vietnam.
Apart from being the new Executive Chairman, Pansy is also a director of Shun Tak Shipping Company Ltd., Renita Investment Ltd., Oakmount Holdings Ltd., and a couple more companies. In 2015 she has also been given the Justice of the Peace title by the government of Macau and she has a bachelor’s degree in marketing and international business management from the University of Santa Clara, US. For her role as a director of Shun Tak Holdings, Pansy Ho is going to receive annual fees of HK$ 50,000 (US$ 6,411 million) as well as an additional HK$ 60,000 (US$ 7,693 million) for being in the position of director of a subsidiary.