Kuok Hui Kwong, chairman and executive director of Shangri-La Asia, has taken over the CEO role as well. Her appointment will take effect on Aug 1.
47-year-old Kuok was first appointed to the ED role in June 2016, before taking over as chairman half a year later.
"The combination of the roles of chairman and CEO 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," reads the July 16 announcement by the company.
Under her current employment contract, Kuok, daughter of tycoon Robert Kuok, is entitled to a monthly base salary of HK$576,000, plus discretionary bonus and pension.
She has total interest, direct and indirect, in 95,570,245 shares, which are traded on both the Hong Kong and Singapore exchanges.
For the year ended Dec 2024, the hotel operator reported revenue of US$2.185 billion, up 2% y-o-y. However, earnings in the same period dropped 12.3% to US$161.4 million, due to higher operating and financing costs.
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The company's NAV per share, as at Dec 31 2024, was HK$11.32, and adjusted NAV per share was HK$23.56.
The company's previous CEO was Lim Beng Chee. He stepped down in Dec 2022 but is still serving on the board as a non-executive director. Lim was formerly CEO of CapitaMalls Asia.
Shangri-La Asia's SGX quoted shares last changed hands at HK$4.72, down 9.92% year to date.
