Swire Pacific Ltd., the Hong Kong trading house with interests spanning real estate, aviation and marine services, named John Slosar as chairman, replacing Christopher Pratt, who is retiring.
Slosar, 57, the former chief executive officer of Swire unit Cathay Pacific Airways Ltd., will start as chairman of both Swire Pacific and Swire Properties Ltd. in March next year. Pratt, 57, is stepping down after working at the group for 35 years, according to a statement today.
Slosar became chief executive of Cathay, Asia’s biggest international carrier, in March 2011. Under his tenure, Cathay cut capacity and phased out some planes to revive earnings.
Swire Pacific’s property unit yesterday reported first-half profit that missed analysts’ estimates as retail rents slowed and home sales trailed. Swire Properties is grappling with the first annual decline in retail rents in Hong Kong since 2008.