Kuok Hui Kwong, daughter of Malaysian tycoon Robert Kuok, will become chief executive of Shangri-La Asia from 1 August. She currently serves as the company’s executive director since June 2016 and chairman since January 2017.
Shangri-La Asia, listed in both Hong Kong and Singapore, said in a filing on 16 July that combining the roles of chairman and CEO under Kuok’s leadership is intended to strengthen “strategic cohesion and operational execution by ensuring a unified and consistent vision across all levels of leadership.”
Kuok, 47, receives a monthly base salary of HK$576,000 (US$75,000), alongside a discretionary bonus and pension benefits. She holds about 2.7% of the company’s shares, representing 95.57 million shares.
Kuok ranked 40th on Fortune’s 2024 list of the most powerful women in Asia.
The Shangri-La Asia group operates over 100 hotels under four brands – Shangri-La, Kerry, Hotel Jen and Traders – with 81 owned properties, according to its 2024 annual report. The hotel portfolio’s net asset value stands at US$10.83 billion.
Kuok earned a bachelor’s degree in East Asian studies from Harvard University and was formerly managing director and CEO of SCMP Group, sold by the Kuok Group to Alibaba in 2016.
Shangri-La Asia’s previous CEO, Lim Beng Chee, retired at the end of 2022 but remains on the board as a non-executive director.
For the year ending December 2024, Shangri-La Asia posted revenue of US$2.19 billion, up 2% year-on-year, but net profit dropped 12.3 per cent to US$161.4 million, affected by higher operating and financing costs.
Following the announcement, Shangri-La Asia’s Singapore-listed shares rose 2.2% to close at HK$4.66 on 16 July, though they remain down 16.3% for the year.