Gold Typhoon's Chairman Norman Cheng retires, Ronald Cheng loses "Prince" status

Yesterday Gold Typhoon (Gold Label) Chairman, Norman Cheng (Ronald Cheng's father) suddenly announced to the media and corporate partners of his retirement: "I have to make my final announcement, a year ago, Gold Label introduced a like-minded investment partner, Mr. Pong Wai Yan leader of Pacific Capital Investments Limited (Asia). After several months very close collaborations, I am glad to find someone who can continue my path. I cannot say it will be a success, but people will have their time to retire."

Norman's plan for retirement, no one in Gold Typhoon heard about with exception of the rumors within the executives. Norman's retirement from Gold Typhoon this time leaves Ronald Cheng without his "Prince" status in the company. Last night, Ronald was at a New Year's countdown show in Shenzhen and has not been able to respond to the news. It was understood that the "Prince's Party" is in a panic where the new boss (Mr. Pong) will be lowering the wages and bonuses. Everyone is worried about the instability. Meanwhile, current Vice-Chairman, Paco Wong, who had seem to lost power has an opportunity to make a comeback as new boss Mr. Pong secretly met with him.

Edmond Leung just renewed his contract last year. He accepted an interview and said: "This afternoon, Mr. Cheng (Norman) called me and told me that he has considered this decision for a period of time, I just renewed my contract, I was surprised and shocked when I heard the news. It is most important that the employees below aren't affected. I believe the infrastructure won't have any major changes." Does Edmond feel that Norman gave up on them? He said: "No, after all he has already considered this for a long time."

Gold Typhoon HK CEO (Chan Fai Hung) said: "Mr. Cheng is just retiring, Gold Typhoon's operations. After the new year, we'll be having a meeting with Mr. Pong." Mr. Pong is a businessman and is not familiar with the entertainment business? He said: "We have always followed what Mr. Cheng intends to do. It's just a transition for us now. (Paco Wong will manage the Record Department?) You call him, he will tell us when the time is right. (Singers and employees are panicking?) Why would that be so? It is normal that singers are worried. (Gold Typhoon not making money, so Mr. Cheng leaves?) No, how much profits is business secrets."

Source: Oriental Daily
Translated by: aZnangel @ AsianEU