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.
Aww, Blogger won't let me post up the guy's picture. I guess he is too powerful for Blogger to handle. Hahaha~I want to thank this guy for all his efforts in making TVB.