Latest news with #LincolnPan
Forbes
3 days ago
- Business
- Forbes
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.'
Business Times
3 days ago
- Business
- Business Times
Jardine Matheson Holdings names Lincoln Pan as CEO-designate ahead of group managing director John Witt's retirement
[SINGAPORE] Hong Kong-based conglomerate Jardine Matheson Holdings on Thursday (May 29) announced the appointment of Lincoln Pan as chief executive-designate, as group managing director John Witt will retire from the company in late-November. Pan is a partner, co-head of private equity and member of the group executive committee at alternative investment business PAG. He assumes the role of CEO at Jardine Matheson Holdings from Dec 1. He previously served as CEO of Greater China at Willis Towers Watson and in executive roles at Advantage Partners and GE Capital. He also worked at McKinsey & Company. Ben Keswick, executive chairman of the group, 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 Jardine and to implement our strategy to build bigger, better businesses over the long term.' Witt, 61, has been with the Jardine Matheson Group for more than three decades and has served as group managing director at Jardine Matheson Holdings since 2020. In this role, his key achievements include implementing leadership succession in the group's key portfolio companies and overseeing the simplification of its corporate structure, Keswick said. On Nov 30, Witt will step down from his roles at Jardine Matheson Holdings, DFI Retail, Jardine Cycle & Carriage (JC&C) and Astra; he will also give up his roles as a director and board chairman at JC&C, the investment holding company of the Jardine Matheson Group in South-east Asia. But he will continue as chairman of property group Hongkong Land , which is 53 per cent owned by the Jardine Matheson Group. The counter ended Thursday 2.2 per cent or US$1.00 higher at US$45.60, before the announcement.
Nikkei Asia
3 days ago
- Business
- Nikkei Asia
Jardine Matheson names first Chinese national as CEO
TOKYO -- Jardine Matheson Holdings, a British conglomerate with roots in Asia, has appointed its next CEO: Lincoln Pan, currently a partner and co-head of private equity at Hong Kong investment firm PAG. A public relations representative confirmed to Nikkei Asia that Pan will be the first Chinese national to take the CEO post at Jardines, which has almost two centuries of history and began as an opium trader.
Business Times
3 days ago
- Business
- Business Times
Jardine Matheson Holdings names Lincoln Pan as CEO-designate as group managing director John Witt retires
[SINGAPORE] Hong Kong-based conglomerate Jardine Matheson Holdings on Thursday (May 29) announced the appointment of Lincoln Pan as chief executive-designate, as group managing director John Witt will retire from the company end-November. Pan is a partner, co-head of private equity and member of the group executive committee at alternative investment business PAG. He will join to helm Jardine Matheson Holdings as CEO from Dec 1. He previously served as CEO of Greater China at Willis Towers Watson and in executive roles at Advantage Partners and GE Capital as well as worked at McKinsey & Company. Ben Keswick, executive chairman of the group, 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 Jardine and to implement our strategy to build bigger, better businesses over the long term.' Witt, 62, has been with the Jardine Matheson Group for more than three decades and has served as group managing director at Jardine Matheson Holdings since 2020. In this role, his key achievements include implementing leadership succession in the group's key portfolio companies and overseeing the simplification of its corporate structure, Keswick said. With effect from Nov 30, Witt will step down from his roles at Jardine Matheson Holdings, DFI Retail, Jardine Cycle & Carriage and Astra – including his roles as a director and board chairman at JC&C, the investment holding company of the Jardine Matheson Group in South-east Asia. He will continue to serve as chairman of property group Hongkong Land , which is 53 per cent owned by the Jardine Matheson Group. The counter ended Thursday 2.2 per cent or US$1.00 higher at US$45.60, before the announcement.
