On Thursday morning, Lin BaoCheng convened a board meeting at Hutchison Whampoa.
This time, the attendees changed drastically. Bob, the Jardine directors, and the Qi DeZun family directors no longer held shares in Hutchison, so they didn't come. Li ChaXin and Chen XingHan resigned voluntarily, knowing their board titles would be revoked, so they didn't attend either.
When Li ChaXin and Chen XingHan left Hutchison, they took some staff with them. Fortunately, the number wasn't large. Operations were affected for only a few days, and once replacements were promoted, things returned to normal.
With five directors absent, the original four — Lin BaoCheng, Wei Li, Xia BoYin, and Wei Peter — naturally attended. In addition, Lin invited Cheng YuFeng and Yuan TianFan.
Yuan had replied two days earlier, accepting Lin's invitation to become an honorary director of Hutchison.
Lin first formally removed the five directors, including Li ChaXin and Chen XingHan, then continued:
"Today I officially announce the restructuring of Hutchison's board. The total number of seats remains nine. Four will be held by management, one by myself, two by honorary directors, and the remaining two reserved for major shareholders. Which shareholders will join will be decided later, depending on applications."
"Honorary directors will not manage company affairs or access confidential information. Their role is to provide constructive advice for the company's development, responsible to all shareholders."
"This is Yuan TianFan, whom you all know. He will be our first honorary director."
Lin spoke. He had already discussed this with Cheng YuFeng and Wei Li. Xia BoYin and Wei Peter hadn't known the details, only that Lin planned restructuring.
Yuan stood and greeted the others: "Hello, fellow directors. I will do my utmost for the company's growth."
Lin continued: "The four management seats will remain with Wei Li, Xia BoYin, and Wei Peter. The fourth will go to YuFeng."
Lin wanted his own people on the board. Wei Li, Xia BoYin, and Wei Peter weren't his inner circle, but as long as they worked honestly, he wouldn't replace them.
Time was on Lin's side. As the largest shareholder, Hutchison would gradually bear his imprint. Older managers would retire, and he could steadily install his own people.
Appointing Cheng YuFeng as director was his right. Wei Li and the others didn't object.
"Yes, Chairman Lin!" YuFeng stood, excited. Though he had known beforehand, he was still thrilled. Hutchison was one of Hong Kong's largest companies. Becoming a director at his age was a leap to the top.
Lin told Wei Li: "As for the second honorary director, discuss among yourselves who to invite. Remember, the person must benefit the company's development."
Wei Li suggested: "Chairman Lin, what about inviting retired political leaders? They still have networks, which could help the company."
Lin replied: "I don't mind inviting such people. But remember, we want contributors, not figureheads."
Wei Li explained: "In Western countries this is common. Many large companies invite retired politicians as honorary directors or advisors, using their connections to aid development."
Lin nodded: "Fine. Screen candidates and inform me when you decide."
"Understood," Wei Li and the others replied.
Lin continued: "As for Li ChaXin and Chen XingHan's positions, I intend to appoint Xia BoYin and Wei Peter as vice presidents. But retail operations, including Watsons, will be managed by YuFeng."
Previously, YuFeng had been vice president without specific duties. Now he would oversee retail, developing Watsons.
Xia BoYin and Wei Peter were delighted, pledging to assist Wei Li and not betray Lin's trust.
Their former roles couldn't be held concurrently. Lin would select replacements from qualified candidates, further embedding his influence.
YuFeng, already aware, wasn't overly excited. But he knew if he failed to grow retail in the coming years, he'd be branded "incompetent."
Lin added: "Wei Li, once the 17 million shares are sold, the funds should focus on property and retail. Other businesses — trade, warehouses, docks — you can decide. Just prioritize property and retail."
Wei Li replied: "Rest assured, Chairman Lin, we'll plan carefully."
Lin concluded: "The remaining 10 million shares will be used for incentives. Not all will be distributed at year's end, but based on contributions. The company's future is clear, so work diligently."
This promise motivated them. Unlike empty words, these shares were tangible rewards.
They welcomed it. More income was always welcome.
Later, Wei Li proposed holding a celebration party for the company's investment success, inviting figures from all sectors.
Lin agreed, instructing Wei Li to arrange it.
This board meeting didn't change Hutchison's operations much, but it strengthened Lin BaoCheng's control.