Michael Kadoorie, the 82-year-old chairman of the company that runs the luxury Peninsula Hotels chain, said Wednesday that he plans to stay on for the foreseeable future, while the group seeks a successor to its retiring chief executive who is almost 20 years his junior.
The third-generation scion of the Kadoorie family doubles as the chairman of family-owned CLP Holdings, the largest part of Hong Kong’s electric power duopoly. Asked about his succession plans at the annual general meeting of Hongkong and Shanghai Hotels, Kadoorie replied, “As long as I feel that there’s value that I can give, then hopefully, as long as I’m well, I shall continue.”
His father, Lawrence Kadoorie, and uncle Horace Kadoorie had formed the second generation of one of Hong Kong’s most powerful business dynasties, alongside Li Ka-shing’s Cheung Kong group and others. Michael took over the chairmanship of the hotel group in 1985.
Kadoorie described his health as “particularly good now” and stressed he would retire “when I see fit.” Michael Kadoorie, chairman of Hongkong and Shanghai Hotels, stressed his intention to stay on while CEO Clement Kwok, left, is retiring in October.
He indeed looked well as he chaired the AGM, fielded spontaneous questions from shareholders and reporters, spoke clearly and walked unassisted. There were moments when he appeared to struggle to flip through documents, prompting others to lend a hand.
The succession questions come as CEO Clement Kwok, 64, will step down at the end of October, after serving in the position for 22 years. A decision on Kwok’s successor will be announced “in due course,” Kadoorie said.
In addition, Peter Borer, 70, is stepping down as chief operating officer, a post he has held since 2004. Gareth Roberts, 42, who has been Borer’s deputy since the beginning of the year, is due to take over in August.
As for 32-year-old Philip Kadoorie, who has sat on the board of Hongkong and Shanghai Hotels since 2017, Michael told reporters that his son is “extremely interested in the hotel company.”
Michael said the more than century-old company has gone through succession “many, many times,” and “I believe we always had successful successions.” He expressed confidence that the current round of changes “will be completed satisfactorily” and that the process will be one that “everyone will be comfortable with.”
On the issue of the company’s $130 million new hotel project in Yangon — stalled since the military toppled the democratically elected government over three years ago — Kadoorie stressed that the company “takes a long-term view” and will hold on until the opportune time, though he added that “it is not something we can project.”
The company has weathered serious disruptions in the past, including the Japanese invasion of Hong Kong during World War II. The flagship Peninsula Hotel in the city’s Kowloon district, where the AGM and press conference were held on Wednesday, was taken over by the Imperial Japanese military during the three years and eight months of the occupation.
“If we hadn’t taken a long-term view, where you are sitting would not be the Peninsula Hotel,” Kadoorie said. He added that his hotel in Thailand has gone through six coups already.
The Peninsula Hong Kong
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