Billionaire Keswick Family's Jardines Appoints PAG Private Equity Co-Head As CEO
Lincoln Pan, incoming CEO of Jardine Matheson.
Jardine Matheson, the Hong Kong-based conglomerate helmed by the billionaire Keswick family, has named a private equity maven as its new CEO amid the nearly-two-century-old company's corporate overhaul.
Jardines on Thursday announced that Lincoln Pan will succeed John Witt as head of the conglomerate from December 1. Pan is currently a partner and co-head of private equity at Weijian Shan's PAG. Previously he was CEO for greater China at U.K. insurance broker Willis Towers Watson, and had stints at Japanese private equity firm Advantage Partners and U.S. consulting firm McKinsey.
Witt, who has been with Jardines since 1993, will retire from all his roles at the conglomerate and its units, except at property arm Hongkong Land, where he will remain chairman.
In a statement, Ben Keswick, executive chairman of Jardines and the fifth-generation scion of the Scottish clan, said 'Lincoln's wealth of investment experience in the Asia Pacific region and track record of working with company boards and management teams makes him extremely well-placed to lead Jardines.'
Ben Keswick (left), executive chairman of Jardine Matheson, meets with Chinese Vice President Han Zheng in Beijing, China on June 1, 2023.
Jardines, whose roots date back to 1832 as a tea and opium trading house, has businesses across Asia ranging from property development to hospitality, car dealerships, heavy engineering, financial services and logistics. In recent years, it has been deriving the bulk of its profits from Indonesian conglomerate Astra International. Its other units include Hongkong Land, a major landlord in Hong Kong's Central business district; the Mandarin Oriental luxury hotel group; and DFI Retail, which operates the 7-Eleven franchise, IKEA outlets and other supermarket chains in Asia.
The appointment of an outsider to lead the conglomerate comes as Jardines is trying to modernise its operations to boost efficiency and shareholder returns. In its 2024 earnings report, Jardines said it's transitioning from being an 'owner-operator' of its portfolio companies to a 'long-term, engaged investor,' focusing on board-level oversight rather than day-to-day management. It has added independent non-executive directors on its board and appointed outsiders to head some of its units. Recent appointments include Michael Smith, ex-regional CEO for Europe and the U.S. at Mapletree Investments, who succeeded Hongkong Land veteran Robert Wrong as CEO of the property giant.
These changes are part of an overhaul orchestrated by Keswick, who took the reins as executive chairman in 2019 from his uncle Henry (Henry passed away in November). Two years into his tenure, Keswick engineered a $5.5 billion buyout to delist Jardines' second-largest unit, Jardine Strategic. The restructuring untangled Jardines' complex cross-shareholding structure that was set up in the 1980s to defend it against hostile takeovers following an attempt by Li Ka-shing, Hong Kong's richest person, to acquire Hongkong Land.
'Jardines has changed a lot since we simplified the holding company structure into a more efficient and investor-friendly Group,' Keswick said in the statement. 'We have been on an ongoing transition away from our historical owner-operator model, towards becoming an engaged investor with a sharpened focus on generating superior, long-term returns for shareholders'
Pan said leaving PAG was an 'incredibly difficult decision,' and that he looks forward to helping steer Jardines towards its 'ambitious financial objectives…while preserving the Jardines' long-term approach and unique culture.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
41 minutes ago
- Associated Press
AP PHOTOS: The Black hair industry imports products from China. Here's what tariffs mean
ATLANTA (AP) — Black women are starting to pay more for their hair care because of the Trump administration's tariffs on goods imported from China. Many Black women have hair types and workplace-favored styles that require careful attention. They can spend hundreds of dollars at salons each month on extensions, weaves, wigs and braids. Most hair salon tools and packaging is imported from China. Stylists are considering raising their prices while the the U.S. and China negotiate new trade agreements. But many dread what price increases will do for clients who are lower income and already strained by months of inflation on virtually everything else. This is a photo gallery curated by AP photo editors.
Yahoo
an hour ago
- Yahoo
Pentagon boss Hegseth warns of ‘devastating' consequences if China looks to ‘conquer' Taiwan
U.S. Defense Secretary Pete Hegseth, in an appearance in Singapore, has vowed 'devastating consequences' if China moves to 'conquer' Taiwan, according to multiple published reports. The Pentagon's chief's comments appeared aimed at assuaging concerns in Asia about the nation's commitment to preserving security in the region, The Wall Street Journal reported. In what the Journal described as Hegseth's 'most assertive' comment so far on Taiwan, the defense secretary said threats to the island by China 'could be imminent.' The U.S. goal is to 'prevent war' through deterrence with its allies. But if that fails, and 'if called upon by my commander in chief, we are prepared to do what the Department of Defense does best, to fight and win decisively,' Hegseth said, according to the Journal. Hegseth said the region is a 'priority' for the Republican White House. He made his remarks at the Shangri-La Dialogue in Singapore, 'a security conference attended by many top defense officials from Asian and Western countries,' according to the Journal. 'To be clear: Any attempt by Communist China to conquer Taiwan by force would result in devastating consequences for the Indo-Pacific and the world. We are not going to sugarcoat it. The threat China poses is real. And it could be imminent,' Hegseth said without outlining what those consequences would be. At the same time, he said that 'Communist China will not invade Taiwan on [President Trump's] watch.' Hegseth didn't offer details on how the U.S. might respond to Chinese aggression against Taiwan, according to the Journal. China has claimed Taiwan as its territory, and it has refused to rule out using force to take control of the self-governed island, the newspaper reported. RFK Jr. slammed raw milk shots with podcast host in the White House Major Trump foe says Republicans keep approaching her with shocking message 'Turning a blind eye to genocide': Mass. Rep. Neal's visit to Ireland protested 'Incredibly ironic': Trump antisemitism effort may force out Harvard's Israeli Jews 'We're not sanctuary cities': WMass mayors push back at feds over DHS target list Read the original article on MassLive.
Vogue
an hour ago
- Vogue
And They Call It Plushie Love: Fashionable People on Their Labubu Obsession
Unless you exist in a blissfully offline experience, you'll have noticed Labubu hype is at unprecedented high. Even IRL, you can hardly move on the streets of major cities without being nudged by a handbag bedecked with the fang-toothed critters. Personally, I love her. Yes, despite her gender-fluid appearance and undiscriminating appeal, Labubu is a girl. An elfin character first created by Hong Kong-born artist Kasing Lung, Labubu was conceived as part of a story series called The Monsters in 2015. Then, in 2019, Labubu evolved into the collectible toy market with a line of figurines that became available through a partnership with Chinese retailer Pop Mart. Later, they were developed into plush toys on keychains—perfect timing, to chime with the emerging trend of bag charms, trinkets, and toys in fashion; Pop Mart's first Labubu keyring series was called the 'Exciting Macaron,' and dropped in October 2023. Inspired by Nordic folklore, the pastel shades of Labubu's fluffy body and the gently devilish facial expressions that differ with each iteration of the character are the perfect blend of cute and ugly. She's the latest in a long line of iconic characters that have emerged from Asia; Hello Kitty, Sonny Angel, and Gudetama are her foresisters. Pop Mart's Cry Baby series seems to be following fast in her footsteps. Labubu has been spotted on Rihanna, Dua Lipa, and perhaps most notably, Lisa from Blackpink, who spoke to Vanity Fair about her obsession—certainly, one of the sparks that lit the match for Labubu's now-worldwide domination. But, as with anything that becomes too beloved, too hyped, too memed, the backlash has begun. In the UK, Pop Mart was forced to pull Labubu from stores after an altercation in a queue occurred in May 2025. Overzealous resellers, it seems, resorted to violence to get their hands on the coveted critters. Fans remain furious with the pause. Labubu is, after all, the number one piece to collect on resale platform StockX. Some roll their eyes: Why are all these people—not even children—queueing for toys at a time like this? There are plenty of critiques from those harbouring hate—Labubu aren't recyclable, they're just a 'recession indicator,' a part of so-called 'regression core.' The mimetic desire they create feeds into the capitalist whirl of consumer culture! This type of collecting is a silly, frivolous pastime! As British Vogue's Daniel Rodgers writes: 'The Labubu is just another colorful flash on the internet's radar: Something we consume for a few months until the next trend arrives, kicking off a fresh cycle of thinkpieces.'
