Shaw to step down from TVB

101-year-old founder to become non-executive chairman

HONG KONG -- Sir Run Run Shaw, the 101-year-old founder of Hong Kong's leading free-to-air group Television Broadcasts, is to step down as its executive chairman.

He will become non-executive chairman from January 1, 2010, but will remain as a member of the executive committee.

The company did not appoint a successor, nor did it explain the move, although Shaw's advancing age is widely understood to behind it.
         
Shaw and his wife Mona Fong, who remains deputy chairwoman and managing director, control 33% of the company, with much of it held through the previously listed Shaw Brothers company.
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