Merlin Swire to step down as chairman of Swire Pacific and Swire Properties after the giant Hong Kong group reported its first losses

Merlin Bingham Swire, a sixth-generation descendant of the conglomerate’s founder, will step down as chairman of Swire Pacific and Swire Properties in August

Swire has been struggling to recover from the worst period in its history after being hit first by the social unrest that rattled Hong Kong in 2019 and then the Covid-19 outbreak

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Guy Bradley, CEO of Swire Properties (left) with Merlin Swire, who is stepping down as chairman of Swire Pacific and Swire Properties. Photo: K. Y. Cheng

Published: 9:40pm, 21 May 2021Updated: 10:53pm, 21 May 2021

Merlin Bingham Swire, a sixth-generation descendant of the Swire group’s founder, will step down as chairman of Swire Pacific and Swire Properties, after the giant Hong Kong conglomerate reported its first ever loss in history.

Guy Bradley, currently chief executive of Swire Properties, has been appointed as the new chairman of Swire Pacific and Swire Properties, the company said late on Friday.

“After three years in Hong Kong, Merlin Swire will resume his role as chief executive of John Swire & Sons, the parent company of the Swire group, and return to London,” the British-controlled group announced in a company statement.

The sprawling Swire empire owns stakes in almost every aspect of Hong Kong life, from the bottling of drinks and sugar refining to developing commercial and residential property, and operating the city’s dominant airlines.

Merlin Swire joined the group in Hong Kong in 1997 and worked his way through various units within it in Hong Kong, Sydney, Shanghai, Xiamen and London. He has been executive director of Swire Pacific for the past 10 years and took over as chairman of Swire Pacific and Swire Properties in 2018.

He will remain a director of Swire Pacific, Swire Properties and Cathay Pacific, when he steps down on 24 August.