David Newbigging

Sir David Newbigging
M. G. R. Sandberg
Sir David Newbigging M. G. R. Sandberg
Personal details
Born	19 January 1934 (age 90); Tianjin, Republic of China
Spouse	Carolyn S. Band (m. 1968)
Children	3
Alma mater	Oundle School
Occupation	Businessman

Sir David Kennedy Newbigging,

unofficial member of the Executive Council and the Legislative Council of Hong Kong

.

Family and education

Newbigging was born on 19 January 1934 in

Jardine Matheson & Co and was interned at the Stanley Internment Camp during the Japanese occupation in Hong Kong. For his services for maintaining order during the internment, David Locke was awarded Commander of the Order of the British Empire (CBE) in 1946.^[1]

Newbigging was sent aboard and received his education in Canada and was subsequently educated at the Oundle School. After his education, he joined the King's Own Scottish Borderers and was promoted to 2nd lieutenant.^[2]

Jardine career

Managing positions

He joined

Hongkong Electric Holdings between 1982 and 1983 (director 1975–83), and Jardine Fleming Holdings from 1975 to 1983.^[2]

Newbigging was involved in the struggle against the Keswick family when he and his supporters opposed Henry Keswick to become the next taipan in 1972. The Keswicks prevailed after winning the support of institutional shareholders in London. Henry was named senior managing director, while his uncle John resumed the chairmanship to ensure that the Keswicks did not lose control of the company.^[4]

Jardine taipan

When Newbigging took over from Henry Keswick as the Jardine taipan in 1975, the company was undergoing a rapid decline in power and wealth. Between 1975 and 1979, Jardine Matheson's profits grew at an annual rate of only 10 percent (a poor record for Hong Kong). Newbigging responded by disposing of underperforming Jardine subsidiaries outside Hong Kong. He redoubled efforts to increase trade with China (which had only invited the company back into China in 1979) and resumed investments in Hong Kong-based enterprises. However, due to the lack of expertise, these enterprises lost money in almost every venture.^[4]

During the 1970s, British companies in Hong Kong such as Jardine Matheson,

Wheelock & Co, were consistently outperformed by rising local, ethnically Chinese hongs. In 1980, Jardine was outbid by shipping magnate Sir Yue-Kong Pao for the Hongkong & Kowloon Wharf & Godown Company in which the two groups had previously shared control when the latter decided to diversify from ships into property.^[4] Hongkong Land, a development company established in 1889 by William Keswick's brother James Johnstone Keswick, faced consistent threats from Li Ka-shing's Cheung Kong Holdings and nearly went bust in the early 1980s. When he discovered a secret buyer had begun acquiring shares of Jardine Matheson stock in late 1980, many observers suspected that either Li or Pao (or worse, both) were attempting to purchase a large enough share in Jardine Matheson to win control over Hongkong Land. Newbigging announced in early November that Jardine Matheson and Hongkong Land had agreed to increase their interests in each other, so as to make it impossible for any party to gain control of either company. The cross-ownership scheme, however, placed both companies deeply into debt. The defensive actions required during 1980 forced Jardine Matheson to sell its interest in Reunion Properties to raise cash. Newbigging was criticised for being too conservative and placing too much emphasis on local and regional operations. The Keswick family also saw it as a chance to remove Newbigging from office. Newbigging finally stepped down as senior managing director in June 1983, but retained the titular position of chairman. He was replaced as taipan by 40-year-old Simon Keswick, brother of Henry Keswick.^[4]

During his Jardine chairmanship, Newbigging was also director of the

Hongkong Telephone Co Ltd from 1975 to 1983, Wah Kwong Shipping Holdings Ltd (Hong Kong) and Wah Kwong Maritime Transport Holdings Ltd (Hong Kong).^[2]

Public offices

Besides his company positions, he was also appointed to various public positions by the colonial government. He had been chairman of the

Murray MacLehose to the Executive Council of Hong Kong until his retirement in 1984.^[2]

UK career

Newbigging returned to England after his retirement from Jardine and was chairman of various companies including

Morgan Guaranty Trust Company of New York.^[2]

He was chairman of the

Mission to Seafarers from 1993 to 2006, and the Academic Partnerships Int Ltd from 2012 to 2015. He was High Sheriff of Wiltshire in 2003 and Liveryman of the Worshipful Company of Grocers.^[2]

For his voluntary service to cancer research, he was knighted in 2011.[5]

Personal life

Newbigging married Carolyn S. Band in Hong Kong in 1968 and has one son and two daughters. His hobbies include Chinese art and most outdoor sports.

References

^ "No. 37407". The London Gazette (Supplement). 1 January 1946. p. 62.
^ ^a ^b ^c ^d ^e ^f "David Kennedy NEWBIGGING". Debretts. Archived from the original on 19 March 2016.
^ "SPEAKERS & MODERATORS". Asean. Archived from the original on 20 March 2016. Retrieved 15 March 2016.
^ ^a ^b ^c ^d Pederson, Jay P. (2008). International Directory of Company Histories, Volume 93. Gale. pp. 266–7.
^ "New Year's Honours 2011: CSV". Cabinet Office.

Business positions
Preceded by Henry Keswick	Chairman of the Jardine, Matheson & Co. 1975–1983	Succeeded by Simon Keswick
Preceded by Nigel A. Rigg	Chairman of the Hong Kong General Chamber of Commerce 1980–1981	Succeeded by John L. Marden
Preceded by Kenneth Fung	Chairman of the Ocean Park Hong Kong	Succeeded by Sir Gordon Macwhinnie
Political offices
Preceded by J. H. Bremridge	Chairman of the Hong Kong Tourist Association 1977–1982	Succeeded by Duncan Bluck
Legislative Council of Hong Kong
Preceded by Sidney Gordon	Unofficial Member Representative for Hong Kong General Chamber of Commerce 1978–1982	Succeeded by M. G. R. Sandberg

[1] "No. 37407". The London Gazette (Supplement). 1 January 1946. p. 62.

[debretts-2] ^ ^a ^b ^c ^d ^e ^f "David Kennedy NEWBIGGING". Debretts. Archived from the original on 19 March 2016.

[3] "SPEAKERS & MODERATORS". Asean. Archived from the original on 20 March 2016. Retrieved 15 March 2016.

[histories-4] Pederson, Jay P. (2008). International Directory of Company Histories, Volume 93. Gale. pp. 266–7.

[5] "New Year's Honours 2011: CSV". Cabinet Office.

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