| FOR IMMEDIATE RELEASE | 30 January 2009 |
Mr. Keith Kerr, Chairman and Chief Executive Officer of Swire Properties Ltd., will retire at the end of May 2009. He will also step down from the Swire Pacific Board. Mr. Christopher Pratt, who is Chairman of Swire Pacific Ltd., Cathay Pacific Airways Ltd. and Hong Kong Aircraft Engineering Co. Ltd. (HAECO), will succeed Mr. Kerr as Chairman of the company. Mr. Martin Cubbon, currently Group Finance Director of Swire Pacific Ltd., will succeed Mr. Kerr as Chief Executive Officer.
Mr. Peter Kilgour, currently Finance Director of Swire Properties Ltd., will succeed Mr. Cubbon as Group Finance Director of Swire Pacific Ltd. at the end of March 2009. Mr. Charles Bremridge, currently Chief Operating Officer of HAECO, will succeed Mr. Kilgour as Finance Director of Swire Properties Ltd.
Commenting on Mr. Kerr's retirement, Mr. Pratt said, "Keith has led Swire Properties for 20 years. During that time the company has grown its business successfully with several signature developments that were well ahead of their time in Hong Kong. The Swire Properties brand is now synonymous with quality and innovation. It is a strong and valuable legacy."
Mr. Kerr will remain in Hong Kong and continue to pursue his interests in property development and investment in the Asia Pacific region.
Swire Properties Ltd. is one of Hong Kong's largest property investors with an owned commercial and retail portfolio in the SAR of over 16 million sq ft. It also has investment under development in Mainland China of 7.8 million sq ft. The company has hotel interests in Hong Kong, Mainland China and England and property development in Florida.
Swire Properties Ltd. is a wholly owned subsidiary of publicly listed Swire Pacific Ltd. whose businesses are grouped under five operating divisions - Property, Aviation, Beverages, Marine Services and Trading & Industrial. www.swirepacific.com
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