New World Development announced on Friday that Chief Executive Officer Eric Ma has resigned with immediate effect, just a little more than two months into the job. Echo Huang, who's the head of property business in mainland China, has been named as his replacement. In a filing to the local bourse, the developer said Ma, who was also the executive director, wished to pursue "other personal commitments". The former development chief took over from scion Adrian Cheng in September, after the company reported a net loss of more than HK$17 billion the previous financial year. Cheng's father and the developer's chairman, Henry Cheng, said "timely phased changes needed to be made" after reviewing the group's development direction. He added he was glad to have found a "more suitable" CEO, citing Huang's experience in real estate and corporate management. The company also appointed Gilbert Ho and Edward Lau as executive directors. Shares of New World Development and sister company, New World Department Store China, fell by around six percent before trading was halted in the afternoon pending the personnel announcement. Trading for both firms will resume on Monday.
