Latest news with #ShangriLaAsia
CNA
17-07-2025
- Business
- CNA
Shangri-La Asia appoints Kuok Hui Kwong, daughter of Malaysian tycoon Robert Kuok, as CEO
SINGAPORE: Shangri-La Asia on Wednesday (Jul 16) announced the appointment of chairman and executive director Kuok Hui Kwong as its new chief executive with effect from Aug 1. Ms Kuok, 47, has been the executive director of Shangri-La Asia since June 2016 and its chairman since January 2017. She is also the daughter of Shangri-La founder Robert Kuok, who is Malaysia's richest man. 'The combination of the roles of chairman and chief executive officer under the leadership of Ms Kuok is expected to enhance the company's strategic cohesion and operational execution by ensuring a unified and consistent vision across all levels of leadership,' Shangri-La Asia said in a bourse filing. She has played a key leadership role in the company since her appointment as executive director and has been 'primarily responsible for formulating the company's strategic priorities and steering the company towards its goals,' the group said. The position of CEO has been vacant since December 2022, when the group's former chief executive Lim Beng Chee retired and stepped down after almost six years. Under her current employment contract, Ms Kuok is entitled to a monthly base of HK$576,000 (US$73,000), plus discretionary bonus and pension. She has a total direct and indirect interest in 95.57 million Shangri-La Asia shares. The group is listed on both the Hong Kong and Singapore exchanges. Ms Kuok has held directorships in China World Trade Centre Company in the past three years. She also holds a Bachelor's degree in East Asian Studies from Harvard University.
South China Morning Post
16-07-2025
- Business
- South China Morning Post
Kuok Hui Kwong, daughter of Malaysia's richest man, to lead hotel group Shangri-La Asia
Kuok Hui Kwong, daughter of Malaysia's richest man, Robert Kuok Hock-nien, has been named CEO of luxury hotel group Shangri-La Asia, effective August 1. Kuok, 47, has been serving as Shangri-La Asia's executive director since June 2016 and chairman since January 2017, according to a Wednesday filing with Hong Kong's stock exchange. Shangri-La Asia is listed in Hong Kong and Singapore. The Harvard-educated Malaysian, the sixth of Robert Kuok's eight children, took the helm of the luxury hotel chain after former CEO Lim Beng Chee stepped down at the end of 2022. Lim remained on the board as a non-executive director, according to the filing. Under her current contract, Kuok is entitled to a monthly base salary of HK$576,000 (US$73,376), plus a discretionary bonus and pension. Kuok holds an interest of more than 5 per cent in Kerry Group, a major shareholder of Shangri-La Asia, which operates and manages more than 100 hotels worldwide under four brands: Shangri-La Hotels and Resorts, Kerry Hotels, JEN and Traders. Founded as a single hotel in Singapore in 1971, Shangri-La Asia reported 2024 revenue of US$2.19 billion, up 2 per cent from a year earlier, while its net profit fell 12.3 per cent to US$161.4 million, according to its annual report.
Malay Mail
16-07-2025
- Business
- Malay Mail
Malaysian tycoon Robert Kuok's daughter takes over Shangri-La Asia CEO role, earns over RM310,000 a month
SINGAPORE, July 16 — Kuok Hui Kwong, daughter of Malaysian billionaire Tan Sri Robert Kuok, has been appointed chief executive of Shangri-La Asia, the Hong Kong and Singapore dual-listed luxury hotel group announced in a stock exchange filing today. Her appointment takes effect on August 1. The 47-year-old has served as the company's chairman since 2017 and has been an executive director since 2016. Shangri-La Asia said her new role as both chairman and CEO is expected to improve 'strategic cohesion and operational execution by ensuring a unified and consistent vision across all levels of leadership'. She succeeds former CEO Lim Beng Chee, who retired at the end of 2022. Lim remains on the board as a non-executive director. According to The Straits Times, Kuok Hui Kwong is the sixth of Robert Kuok's eight children and ranked 40th on Fortune's 2024 list of the most powerful women in Asia. Under her current contract, she receives a monthly base salary of HK$576,000 (RM311,630), along with discretionary bonuses and pension benefits. She also holds a direct and indirect interest in 95.57 million shares, or about 2.7 per cent, of the company. Kuok Hui Kwong graduated with a bachelor's degree in East Asian studies from Harvard University and previously served as managing director and CEO of SCMP Group, which publishes the South China Morning Post. The Kuok Group sold the media arm to Chinese tech giant Alibaba in 2016. Founded by Robert Kuok in 1971 with the opening of the Shangri-La Hotel in Singapore, Shangri-La Asia today owns 81 of the more than 100 hotels it operates under its four brands: Shangri-La, Kerry, Hotel Jen and Traders. As of its 2024 annual report, its hotel assets had a net asset value of US$10.83 billion. For the financial year ended December 2024, the group reported revenue of US$2.19 billion, a 2 per cent increase year on year, but net profit fell 12.3 per cent to US$161.4 million, weighed down by rising operating and financing costs. Following news of Kwok Hui Kwong's appointment, Shangri-La Asia's shares on the Singapore Exchange rose 2.4 per cent to HK$4.67 as of 3.11pm today, though they remain down nearly 14 per cent for the year.
