Dickson Concepts (International) (0113) said its executive chairman and executive director Dickson Poon has retired from his position, but will focus on diversification and new investment opportunities for the group.
The company said in a filing on Monday that it is unrealistic to expect it to return to its historical growth trajectory in terms of sales and profitability with the rapidly changing retail landscape and shifting consumer spending behavior.
To pursue growth, the group must actively identify different new strategic investments which can extend beyond its current scope of business, it said, adding that it has appointed Poon as a member and the chairman of the investment committee.
He will work with the firm to further its relationships with its major partners, and to serve in an advisory capacity to the group on business matters, Dickson Concepts said.
The board also expressed its most sincere gratitude to Poon for his contributions to the group since he founded it 45 years ago, alongside his visionary leadership which has guided its journey of growth and laid the strong foundations that it has today.
Executive director Johnny Chan Hon-chung has taken on the role of acting chairman and chief operating officer Dickson Pearson Guanda Poon has taken over the running of all of the group’s businesses alongside its day-to-day activities.
All the changes have taken effect.
Dickson Poon proposed to take the firm private at an over 50 percent premium in April, but failed to gain enough support for the move.
