Asia's Top 20 Power Business Women in 2024: Taking on Challenges, Breaking Barriers
Powerful Female Entrepreneurs of Asia in 2024
Businesswomen across Asia are shining brightly, steering key industries through challenging economic times. Here's a lowdown on the 20 trailblazers leading companies, investment firms, and family businesses in the Asia-Pacific region, poised to deliver steady growth amid the stormy economic waters.
Never ones to shy away from a challenge, these 20 women have shown their mettle, leading diverse industries, some of which include electric vehicles, server hardware production, and property development. Their accomplishments are nothing short of inspiring, and they've been hand-picked for their extraordinary achievements and undeniable leadership skills in the business world.
Vicki Brady
CEO, Telstra (Australia)
Aged 53, Vicki Brady leads Australia's largest telecom company, Telstra. In her two years at the helm, she's championed artificial intelligence (AI), aiming for Telstra to invest up to $1 billion by 2027. This includes expanding its national fiber network, even catching the attention of tech giant Microsoft! Brady is alsodarwinism at work slashing costs, slashing out 2800 jobs (around 10%) to save a whopping $350 million by 2025. By 2025, she'll transfer 90% of Telstra's applications to the public cloud and use AI to streamline major business operations. Although the company's net profit dipped 13% to $1.8 billion in the year ending June 30 due to the layoffs, Vicki Brady continues to make waves in the telecom sector.
Bonnie Chan
CEO, Hong Kong Exchanges and Clearing (HKEX) (Hong Kong)
Bonnie Chan, 54, helms HKEX, Hong Kong's Stock Exchange. She's focused on reviving the exchange after a slow start in 2024, with only $610 million raised in IPOs - the least since 2009. Things are looking brighter, though. In Q2, 18 companies went public, raising 79% more funds compared to Q1. In September, Midea, a Chinese home appliance company, raised an eye-popping $4 billion in Hong Kong's biggest listing in nearly four years and the second-largest IPO worldwide. Chan believes this is a promising prelude for more mega-deals to come and took to LinkedIn to celebrate the success. Chan's tenure kicked off in 2024, having previously led IPO transactions at HKEX from 2007 to 2010 and rejoined the company as head of listings in 2020, taking on the CEO position in March 2024.
Clara Chan
CEO, Hong Kong Investment Corporation (HKIC) (Hong Kong)
In the role of Hong Kong's first CEO for HKIC, Clara Chan aims to promote high-tech industries that help keep Hong Kong globally competitive while generating strong returns, such as AI and green technology. Launched in 2024 with HK$62 billion (approximately $8 billion), Chan's first projects include partnering with local AI company SmartMore to establish an AI skills school in Hong Kong and Beijing-based robot maker Galbot to set up an R&D lab in the city, reinforcing Chan's vision of a knowledge-sharing network connecting technology, talent, and industry to boost startup growth. Chan, a trained barrister, comes to HKIC after working at the Hong Kong Monetary Authority since 2010, rising to the position of executive director of monetary management.
Maggi Chen
Cofounder and Chairman, Chenbro Micom (Taiwan)
Maggi Chen, 68, co-founded Chenbro Micom in 1983 alongside her husband, Leon, and brother, Frank. Over the decades, they transformed Chenbro from a computer chassis design company to a manufacturer, specializing in custom orders and expanding into China. Chen recognized the surging demand for server chassis in the AI, 5G, and cloud industries and shifted the focus accordingly, making Chenbro one of the largest server chassis manufacturers worldwide. In the first half of 2024, revenue soared 53% year-on-year to NT$6.4 billion (around $198 million), with net profit jumping 176% to NT$833 million. Chen, who grew up in central Taiwan, serves as president until 2013 and chairman since 2009, with a BA from the National Chengchi University's Money and Banking Department in 1977.
Shina Chung
CEO, Kakao (South Korea)
Shina Chung, 49, became the first female CEO of Kakao, South Korea's tech titan, in March 2024. The smell of change is in the air as she tackles allegations made against her predecessor, Kakao's founder and chairman, Kim Beom-su, who was arrested on charges of manipulating stock prices in connection with Kakao's acquisition of K-pop company SM Entertainment. Despite the challenges, Chung maneuvered Kakao to notch a 59% increase in second-quarter net profit to 87 billion won and revenue of 2 trillion won (up 4% year-on-year) driven by growth in its ride-hailing and digital finance services. Chung, a former management consultant, hopes to streamline Kakao's operations through asset sales and generate extra revenue by mining AI to bolster her standing in the competitive tech world.
Miwako Date
CEO, Mori Trust (Japan)
Miwako Date, 53, is fueling Tokyo-based Mori Trust Holdings' expansion by amplifying the luxury hotel business. Her ambition is to match the company's main businesses - office leasing and property sales - in strength, creating a powerful triumvirate for long-term, consistent revenue. Moving forward, she plans to add 379,000 square feet of new office space and 800 luxury condos by 2030. The great-granddaughter of Mori Trust's co-founder, Date joined the company in 1998 and seized the CEO position from her father in 2016, making her one of the few women leading major corporations in Japan.
Lourdes Gutierrez-Alfonso
CEO, Megaworld (Philippines)
Hop aboard as Lourdes Gutierrez-Alfonso, 61, takes the helm at Megaworld, the second-largest property developer in the Philippines, following founder Andrew Tan. She's steering an ambitious expansion, aiming to grow Megaworld's townships from 31 to 35 by 2025, investing $6.1 billion by 2027. Megaworld also wants to expand its hotel portfolio from 8,000 rooms in 19 properties to 12,000 rooms in 27 properties. Challenges include increased interest rates, fierce competition, and the rough waters of the property market. Despite these challenges, Megaworld reported a 17% rise in its first-half net income to 9.8 billion pesos (around $180 million) with revenue jumping 22% to $3.9 billion.
Nyrika Holkar
Executive Director, Godrej Enterprises Group (India)
Nyrika Holkar, 42, is seen sowing the seeds for her eventual succession of Godrej Enterprises Group (GEG), a 127-year-old conglomerate with interests in aerospace, appliances, real estate, and security locks. The great-granddaughter of Pirojsha Godrej, GEG's co-founder, Holkar spearheads the integration of customer data across GEG's consumer divisions onto one platform. Holkar, also a trained lawyer, came on board in 2009 at AZB & Partners, specializing in mergers and acquisitions, and joined Godrej & Boyce Manufacturing in 2015 as a senior vice president for corporate affairs. Said Holkar of the future, "The really exciting challenge ahead is to engage the digital-first, younger set of customers."
Carrie Hurihanganui
Chief Executive, Auckland Airport (New Zealand)
New Zealand's Auckland Airport has a new chief in Carrie Hurihanganui, its first female CEO. She's leading Auckland's most significant airport expansion since it opened in 1966 by spearheading a $869 million funding raise to bankroll a $6.6 billion modernization plan. The funds will go towards building a new NZ$2.2 billion domestic terminal set to open in 2029 and help reduce debt. Hurihanganui hit the ground running, stating in February 2024, "Auckland Airport is getting on with building [a] resilient, fit-for-purpose gateway." For the financial year ending June 30, Auckland Airport saw a mega 43% increase in revenue to $896 million due to a 17% uptick in passengers reaching 18.5 million, though traffic remains below pre-pandemic levels.
Michelle Jablko
CEO, Transurban (Australia)
Michelle Jablko, 48, stepped up as the first woman to head Transurban, an Australian toll-road operator worth $40 billion, in October 2023. Jablko is overseeing the completion of three major projects, including the $6.1 billion West Gate Tunnel in Melbourne, the $589 million M7-M12 Integration highway project in Sydney, and the $333 million extension of the Interstate 495 highway near Washington D.C. For the year ending June 30, Transurban posted impressive numbers, with a net profit of A$376 million (up 312% year-on-year) and sales of A$4.1 billion.
Rishma Kaur
Chairman, Berger Paints India
Rishma Kaur, 52, claimed the chairman chair at Berger Paints India in August 2024. With her ten-year stint as director, Kaur stepped up following her billionaire father, Kuldip Singh Dhingra. Her vision involves capitalizing on the expanding Asian paints market, capitalizing on the utilization of AI and robotics to simplify processes, and expanding the firm's footprint in emerging markets like Nepal, Poland, and Russia. Berger Paints, the second-largest paint company in India by market share and revenue, yielded $1.3 billion in revenue in the last fiscal year.
Stella Li
Executive Vice President, BYD
Stella Li keeps battery-electric vehicle giant BYD humming as it moves toward its goal of ramping up international sales from 30% to nearly half of its revenue. The executive, who oversees BYD's operations in the Americas and Europe, has steered innovation with the launch of the first BYD factory in the U.S., located in Lancaster, California, the largest manufacturer of battery-electric buses in North America. Li also manages the construction of the first BYD factory in Hungary for the European market and the upcoming Mexican plant set to generate around 10,000 jobs. Under Li's leadership, BYD has expanded its overseas operations significantly, reflecting its vision of "creating a legacy full of smiles."
Stephanie Lo
Vice Chairman, Shui On Land (Hong Kong)
In May 2024, Stephanie Lo stepped up as vice chairman for Shui On Land, helming the Hong Kong developer as it navigates the choppy waters of the property market following a 2020 government crackdown on excessive borrowing by builders. In the first half of 2024, Shui On Land saw its net profit plummet 88% to HK$72 million (around $9.12 million) and revenue drop 68% to HK$2.1 billion due to fewer completed residential projects. Lo believes the company has the strength to withstand challenges, emphasizing its strong presence in profitable locations like Shanghai.
Vishakha Mulye
CEO, Aditya Birla Capital (India)
At the helm of Aditya Birla Capital, an expansion-hungry Vishakha Mulye has exceeded expectations in bolstering the lending, insurance, and mutual fund businesses. For the six months ending on September 30, the company posted a 17% increase in net profit to INR 15.8 billion ($189 million) and revenue growth of 29% to INR 188 billion. The expansion strategy has involved raising INR 30 billion ($393 million) through share sales to institutional investors, pursuing synergies by merging non-operational subsidiaries, and tapping into digital services with the April 2024 launch of Aditya Birla Capital Digital, offering digital financial services to retail customers.
Shania Manoj Punjabi
Chairman, MD Entertainment (Indonesia)
In her capacity as chairman of Indonesia's largest film studio, MD Entertainment, Shania Manoj Punjabi has guided the company through difficulty, exemplifying resilience and setting a strong example for future entrepreneurs. With Luminaty Studios as a subsidiary, the company raked in $25 million in revenue and shattered Indonesian box-office records with its 2023 horror flick KKN Di Desa Penari (KKN, Curse Of The Dancing Village). With a focus on cultivating talent and strengthening partnerships, Punjabi has steered MD Entertainment toward sustained success in a competitive industry.
Feny Djoko Susanto
President Commissioner, Sumber Alfaria Trijaya (Indonesia)
Feny Djoko Susanto oversees Sumber Alfaria Trijaya, the biggest mini-mart empire in Indonesia, with its roots traced back to her father, Djoko Susanto. Since 2011, Susanto has masterfully guided the expansion of the business, partnering with SM Investments to enter the Philippines with over 1,600 Alfamart outlets in 2014. Despite the rise of online shopping and changes in Indonesia's retail sector, the company has thrived, ultimately sevenfold its store count from 141 in 2002, when Feny first joined. Steering the company towards diversification, Susanto has explored additional areas, such as beauty products and co-working spaces.
Tan Su Shan
Deputy CEO and CEO-Designate, DBS Group (Singapore)
In March 2025, Tan Su Shan will make history as the first woman to lead Singapore-listed DBS, Southeast Asia's largest lender by assets. As an integral part of the team, she brings significant contributions to her new role, overseeing the expansion of DBS's lending, insurance, and mutual fund businesses and building digital services such as the Payments Lounge platform for merchants. With a post-pandemic net profit increase of $7.9 billion (up by 26%), analysts anticipate continued growth for DBS under Tan's leadership.
Serena Teo Joo Ling
CEO, CapitaLand Ascott Trust (Singapore)
Serena Teo Joo Ling navigates the reins of CapitaLand Ascott Trust, the largest lodging trust in Asia Pacific by asset value. Since April 2024, she's led the trust to achieve consistent growth, with revenue climbing 20% in 2023 to $745 million (compared to the previous year) and a 25% boost in the dividend payout to $237 million. Teo's leadership has not gone unnoticed as she negotiated the acquisition of lyf Funan Singapore for $263 million, with the deal expected to close by the end of the year. Teo's background in banking helps her leverage the synergies between CapitaLand Ascott Trust's diverse portfolio, including serviced residences, student accommodations, and hotels.
Mitsuko Tottori
CEO, Japan Airlines (Japan)
Mitsuko Tottori soared to the highest echelons of Japan's aviation industry when she became the first woman to lead Japan Airlines (JAL) in April 2024, making history as a trailblazer. Despite the challenges presented by a series of safety issues culminating in a May regulatory reprimand, Tottori has showcased her nimbleness in pivoting the company towards growth, posting a 178% increase in net profit to JPY 95.5 billion ($624 million) in the fiscal year ending in March 24. Building on her extensive experience, starting as a flight attendant, moving through senior positions of customer service and management, and rising to VP of customer experience before securing the CEO position, Tottori represents the rising tide of female leadership in the airline sector.
- Vicki Brady, the CEO of Telstra in Australia, aims to invest up to $1 billion in artificial intelligence by 2027, focusing on expanding the national fiber network and using AI to streamline major business operations.
- In Hong Kong, Bonnie Chan, the CEO of Hong Kong Exchanges and Clearing (HKEX), seeks to revitalize the stock exchange by attracting and assisting more Initial Public Offerings (IPOs), as it faced a slow start in 2024.
- Clara Chan, the CEO of Hong Kong Investment Corporation (HKIC), aims to promote high-tech industries such as AI and green technology, encouraging the growth of startups and generating strong returns for the city of Hong Kong.
