Peter Jackson, the long-serving CEO of Hong Kong-based satellite operator AsiaSat, is to retire. He will be replaced by his deputy William Wade.
Jackson, who has been CEO of the Hong Kong-listed carrier since 1993, will retire on July 31 and take over as executive chairman from August 1.
Wade, 43, has been executive director and the deputy CEO since April 1994.
Announcing Jackson’s retirement, the company handed down a buoyant result, with earnings per share up 9% during last year’s economic downturn.
It announced a full-year net of HK$525.2 million ($67.5m), up 8%, on 13% higher sales of HK$1.16 billion.
Chairman Sherwood Dodge said AsiaSat had benefited from “increased transponder utilization rates, an increase in backlog and a promising flow of significant new contracts and renewals.”
“We expect these positive trends to continue throughout 2010.”
With the launch of AsiaSat 5, the company is well-positioned to benefit from growing demand in Asia for broadcast TV, and increased competition in the telecom market.