Li Ka-shing has announced his retirement, which is to take effect from the forthcoming annual general meeting.

“I have decided to step down as chairman of the Group and retire from the position of executive director at the forthcoming Annual General Meeting of the Company,” according to a statement by Li, who is now 90 years old, ahead of his annual press conference in Hong Kong.

CK Hutchison has said that Victor Li, his eldest son, will succeed as chairman of CK Hutchison and CK Asset.

“Looking back at the past 68 years since the founding of my business in 1950, and the listing of Cheung Kong Holdings in 1972, I have led the Group on a steady path of diversification and globalisation through organic growth, mergers and acquisitions, and timely strategic reviews and re-organisations at appropriate junctures to maximise value and returns for shareholders,” said Li.

“I am grateful to have been able to create value for shareholders all these years, and serve society,” Li said. “This has been my greatest honour. I thank everybody for their love and support.”

Li will continue to serve as senior adviser to CK Hutchison and will now dedicate his time to philanthropy.