Facing its toughest year of the century, Hong Kong’s Swire Group has named new financial leadership at three of its biggest units, according to an announcement to the Hong Kong stock exchange this week.
Michelle Low, a 23-year veteran of the 200-year old Hong Kong conglomerate will be leaving her post as a non-executive director on the board of Swire Properties from 1 April, and will be stepping down from her role as finance director and board member at the developer’s parent firm, Swire Pacific on the same day.
Low will be replaced at Swire Properties by Martin James Murray on the same date, with Murray also joining the developer’s audit committee. Having been with the Swire Group since 1995, Murray will also join Swire Pacific’s board as finance director on 1 April.
In its interim report, Swire Pacific revealed that its profit had dropped by 90 percent during the first six months of 2020, compared to the same period last year. Swire Pacific, which also controls Cathay Pacific, swung to a HK$5.5 billion ($707.5 million) loss from January through June.
Now 53, Murray has been a director of Cathay Pacific since 2011, serving first as financial director and later as chief financial officer.
The South China Morning Post had reported in March that Swire was looking for a replacement for Murray at Cathay, with the company adding Rebecca Sharpe, group director of finance at its Hong Kong Aircraft Engineering Company unit to Cathay’s board as Murray departs for his new roles at the group’s main holding company and property development units.