Agreement ends two-week tenure as CEO

HONG KONG – Asia Television and Ricky Wong Wai-kay Wednesday agreed the departure of Wong, ending his tumultuous two-week tenure as CEO.

Earlier this week the Hong Kong commercial broadcaster announced the shock departure of newly appointed Wong, only for Wong hours later to deny that he was leaving.  

The Monday ouster was blamed on a clash of personalities with equally new executive chairman Linus Cheung Wing-lam. But the ensuing chaos soon threw up other examples of problems. Wong was quickly accused of going too quickly in reforming the loss-making group. Cheung was accused of keeping the board in the dark when he hired Wong on Dec 3. And the channel’s reputation was brought into question by the miscounted results of a beauty pageant that ATV organized.

Wong’s agreed departure on Wednesday, however, took on a different tone. The hard-nosed entrepreneur issued a statement that read more like a love letter. “I fell in love with this company…. Regrettably, things go on in the way many love affairs do. The one you most love is not the one you will marry or the one who becomes part of your life,” Wong wrote.

Legco, Hong Kong’s equivalent of a parliament, will hold a special meeting Friday to discuss the machinations at ATV.

The chaos comes at a time when the net is losing some $130,000 a day and the advertising market becoming more fragile. The company recently announced the redundancy of several staffers and during his 12 day reign Wong hinted that more would be needed in order to stabilize ATV’s finances.

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