She is set to take up an executive director post at resort management firm Mission Hills, where she will look after sales, marketing and communications.
Cheung joined Ogilvy 13 years ago, and worked her way up to the position of MD of the Hong Kong office, a role she shares with Clara Shek.
Matthew Anderson, president Asia Pacific, said Ogilvy is currently recruiting for a replacement: "We will recruit a senior person in corporate and financial PR, and crisis management," he said. "It's likely they will be either a co-managing director, or a practice head on a regional basis."
He said the agency would look both internally and externally for a replacement.