Merlin Bingham Swire, born a billionaire
Merlin Bingham Swire may be the unluckiest Taipan in Swire Group history. He inherited the mantle, a sixth-generation Swire boy, when the worst pandemic for 100 years was about to hit. Merlin was at the top as chairman of Swire Pacific, when it had to report its first ever loss two months ago: HK$3.9 billion. Merlin, whose father Sir Adrian was a Spitfire pilot and presumably named him after the famous Merlin engine, will return to John Swire & Sons Ltd in London. He will be replaced by Guy Bradley.
Times for the Swire Group are the toughest since the Second World War. Own goals have exacerbated the group’s woes, especially at Cathay Pacific. Listeners to RTHK may have heard the Backchat programme that discussed the airline’s problems. One email contributor who called himself “John Kowloon” — likely a pilot — listed all the management failures most damagingly the repeated billion-dollar losses due to wrong-headed fuel hedging. “John Kowloon” ended by saying, “Swire must bite the bullet and sell down its exposure to Cathay.” If they don’t, the billionaires of the Swire family may find themselves ex-billionaires.
Guy Bradley
Bradley, like most Swire high flyers an Oxford graduate, is now chief executive of Swire Properties. He becomes chairman of Swire Pacific and Cathay Pacific in August. As is normal for a Swire executive destined for high office Bradley has served in most Swire divisions since joining in 1987. Not long ago he was director and general manager of Swire Beverages, which is by far the biggest business in Swire Pacific (it has 18 bottling plants in China) with revenues four times larger than any other division. In the latest annual report Beverages was said to have earned revenues of HK$45.08 billion while Properties took in $13.3 billion and Aviation $11.48 billion.
Merlin Swire, an Oxford classics graduate, joined the Swire Group in 1997. At 47 years of age, he is a director of Swire Pacific, Swire Properties and Cathay Pacific. He will continue in those roles albeit from London, visiting Hong Kong and China frequently, Swire Pacific said in a press release.
Now the spotlight may swing to Jardine Matheson where Ben Keswick, another inheritor of family destiny like Merlin, holds power. Also in his 40s, Ben is chairman and managing director of Jardine Matheson and holds the same position at Hong Kong Land, Dairy Farm and Mandarin Oriental. Covid-19 has hit Jardines just as hard as it has Swire, particularly at the hotel group.
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