Kingston Chu, the son of Hong Kong billionaire Pollyanna Chu, has left his posts at vice chairman and managing director of Hong Kong-listed Sincere Watch, a distributor of Franck Muller watches the family bought in 2012. In a statement on Friday, Sincere said Zhang Xiaoliang, a current deputy chairman and executive director, will become CEO effective Jan. 14. Its shares have lost more than half of their value in the past year amid a softening of luxury spending in China. Kingston Chu will stay on as executive director. He holds a business degree from the University of Southern California, and is active in youth leadership organizations in Hong Kong and the mainland.

Source: Forbes January 15, 2017 00:38 UTC