Meet Kuok Hui Kwong, daughter of Malaysia’s richest man, who leads Rs 180000000000 business of…, has graduated from…

Shangri-La Asia has appointed Kuok Hui Kwong as its new CEO from August 1. According to SCMP, this appointment comes after Lim Beng Chee steps down from the post of CEO in December 2022. The leadership of the company will now be united under the leadership of Kuok Hui Kwong. According to the company, assigning Kuok the roles of both chairman and CEO will increase synergy in the strategy and functioning of the company. This will ensure a common vision at all levels.

47-year-old Kuok Hui Kwong has been an important figure on the board of Shangri-La Asia for many years. She joined as executive director in June 2016 and became chair in January 2017. The company says she has played a key role in setting strategic priorities and guiding long-term goals. She quietly took over the leadership of the group after her brother stepped down last year, SCMP reports. She had previously served as deputy chair for six months.

Who is Kuok Hui Kwong?

Kuok Hui Kwong holds a bachelor’s degree in East Asian studies from Harvard University. She is the sixth of eight children of Robert Kuok Hock-nien, the founder of Shangri-La and Malaysia’s richest man. According to Forbes, her net worth is $11.4 billion. Apart from hospitality, she has also held top editorial roles. She was also the CEO of the South China Morning Post from January to June 2012. Later in 2015, Alibaba acquired the newspaper and its parent SCMP Group. Earlier it was controlled by Kerry Holdings, the flagship company of the Kuok family. She has also previously served as a director of the Bangkok Post.

What are Kuok’s financial interests in Shangri-La?

Despite her growing influence, Kuok avoids media interviews and keeps a low profile. According to a CNA report, Kuok’s financial interests in Shangri-La are substantial. Her total direct and indirect stake in the company is 95.5 million shares. She also has more than 5 percent stake in Kerry Group, which is a major shareholder in Shangri-La Asia. Under her current contract, she is entitled to a monthly base salary of about $73,000, bonuses and pension.

Shangri-La business empire is huge

Shangri-La Asia is listed in both Hong Kong and Singapore. It operates more than 100 hotels worldwide under four brands such as Shangri-La, Kerry Hotels, Jane and Traders. The company started with one hotel in Singapore in 1971. Now it manages assets worth $13.2 billion. The Kuok family has stakes in 77 of these properties. The group also has related ventures in wine, golf courses and real estate. In 2024, Shangri-La Asia reported revenue of $2.19 billion (about Rs 18843 crore), up 2 per cent from the previous year. However, net profit fell 12.3 per cent to $161.4 million. The group had about 25,500 employees as of the end of 2023. This is a decline of 2.3 per cent from the previous year.

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