Dairy Farm International Holdings, Jardine Matheson's retailing arm, has appointed a new chief executive to halt the company's decline.
It has recruited Ronald Floto, executive vice-president of Kmart Corp of the United States, who will take up his position on June 12.
Mr Floto, who replaces Chris Nelson, will focus on developing supermarket operations in the Asia-Pacific.
The food retailing, manufacturing and wholesaling company has been under pressure lately, having recorded a 79 per cent drop in attributable profit to US$27.9 million for last year.
It blamed the slump on its poor performances in Australia and Britain and start-up costs in China and Japan.
Alasdair Morrison, managing director of Jardine Matheson, said Mr Floto would work to maintain the market share of supermarket chain Wellcome in Hong Kong and develop new markets in the region.