The annual salary of Hong Kong entrepreneur Canning Fok grew to HK$200 million (US$25.77 million) in 1999, when his employer Hutchison Whampoa was preparing to sell mobile operator Orange Telecommunications. Born in 1951 in Hong Kong, Fok is called the "King of Employees," since he has been one of Hong Kong's top five taxpayers for the past few years. He is a business icon and is touted in the Hong Kong media as a businessman full of ideas to earn money, the First Financial Daily reports.
As the executive director of the Hong Kong-based Hutchison Whampoa, Fok's annual salary in 2011 was HK$170 million (US$21.9 million), which translates into HK$904 (US$116) per minute, assuming 12 working hours per day, and HK$650,000 (US$83,750) per day, assuming 261 working days a year. Fok's salary is higher than that of his superior, Victor Li Tzar Kuoi, the deputy chairman of Hutchison Whampoa.
Fok is the highest-paid executive in any non-US enterprise on the Forbes' list of the world's highest-paid chief executive officers.
Fok graduated from the University of Hong Kong before going to the United States for advanced studies. He subsequently qualified as a professional accountant and returned to Hong Kong in 1979, before joining Li Ka-shing's Cheung Kong Group as an accounting executive. In 1985, Fok assumed the post of Cheung Kong's director and was promoted to deputy director two years later when he was 35 years old. In the late 1980s, Fok helped Hutchison Whampoa turn profitable through constant restructuring, acquisitions and mergers.
Fok subsequently helped the Hutchison Whampoa group, a major shareholder of the Canadian energy company Husky Energy, earn special profits of HK$6.5 billion (US$837.52 million) by taking advantage of the company's backdoor listing in Canada.
In 1989, Fok was sent to Britain to manage the mobile phone business Hutchison Whampoa's predecessor Orange Austria, which had suffered losses for several years.
Fok then decided to invest US$500 million to develop Orange Austria's operations in Europe.
In October 2000, Hutchison Whampoa sold its 44% stake in Orange Austria to Germany's largest mobile-phone operator Mannesmann, for an initial payment of HK$113 billion (US$14.56 billion). Hutchison Whampoa received another HK$50 billion (US$6.44 billion) after the deal was completed. Its strong performance sent its shares climbing 87% to a record high of HK$144 (US$18.55).
When Hong Kong's business community learned of the enormous profits registered by Hutchison Whampoa from selling Orange Telecommunications, Fok's performance was highly talked about among his colleagues and rivals.
As Hutchison Whampoa prepared to sell Orange Whampoa in 1999, Fok's annual salary was HK$200 million (US$25.77 million), higher than his current salary.
The First Business Daily said Fok's belief in making good use of creativity was the key to Hutchison Whampoa's profits and expanding business. As a listed company, Hutchison Whampoa's aim was to create profits for its shareholders.
Commentators said Fok's ideas were valuable and that he relied on his creativity to earn his salary.
As the executive director of the Hong Kong-based Hutchison Whampoa, Fok's annual salary in 2011 was HK$170 million (US$21.9 million), which translates into HK$904 (US$116) per minute, assuming 12 working hours per day, and HK$650,000 (US$83,750) per day, assuming 261 working days a year. Fok's salary is higher than that of his superior, Victor Li Tzar Kuoi, the deputy chairman of Hutchison Whampoa.
Fok is the highest-paid executive in any non-US enterprise on the Forbes' list of the world's highest-paid chief executive officers.
Fok graduated from the University of Hong Kong before going to the United States for advanced studies. He subsequently qualified as a professional accountant and returned to Hong Kong in 1979, before joining Li Ka-shing's Cheung Kong Group as an accounting executive. In 1985, Fok assumed the post of Cheung Kong's director and was promoted to deputy director two years later when he was 35 years old. In the late 1980s, Fok helped Hutchison Whampoa turn profitable through constant restructuring, acquisitions and mergers.
Fok subsequently helped the Hutchison Whampoa group, a major shareholder of the Canadian energy company Husky Energy, earn special profits of HK$6.5 billion (US$837.52 million) by taking advantage of the company's backdoor listing in Canada.
In 1989, Fok was sent to Britain to manage the mobile phone business Hutchison Whampoa's predecessor Orange Austria, which had suffered losses for several years.
Fok then decided to invest US$500 million to develop Orange Austria's operations in Europe.
In October 2000, Hutchison Whampoa sold its 44% stake in Orange Austria to Germany's largest mobile-phone operator Mannesmann, for an initial payment of HK$113 billion (US$14.56 billion). Hutchison Whampoa received another HK$50 billion (US$6.44 billion) after the deal was completed. Its strong performance sent its shares climbing 87% to a record high of HK$144 (US$18.55).
When Hong Kong's business community learned of the enormous profits registered by Hutchison Whampoa from selling Orange Telecommunications, Fok's performance was highly talked about among his colleagues and rivals.
As Hutchison Whampoa prepared to sell Orange Whampoa in 1999, Fok's annual salary was HK$200 million (US$25.77 million), higher than his current salary.
The First Business Daily said Fok's belief in making good use of creativity was the key to Hutchison Whampoa's profits and expanding business. As a listed company, Hutchison Whampoa's aim was to create profits for its shareholders.
Commentators said Fok's ideas were valuable and that he relied on his creativity to earn his salary.
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