CLP announced on Monday that its general manager, Chiang Tung-keung, will take over as CEO after Richard Lancaster retires in October.

Lancaster, who was appointed 10 years ago, will become an advisor to the CEO and stay on as an executive director before stepping down from all positions around May next year, the company said in a statement.

Chiang, 56, joined CLP as a graduate trainee in 1988 and has been managing director since June 2017, overseeing the company's core Hong Kong electricity business.

He will be CEO-designate from July 1.