46 | FORBES ASIA MAY 2018
FORBES ASIA
Miwako Date 46
PRESIDENT
MORI TRUST
JAPAN
The daughter of Mori Trust Chairman Akira
Mori and grandchild of Taikichiro Mori,
founder of the Mori real estate empire,
Date became president of the property-
development giant two years ago. Since
2008 she has led the company’s expansion
in the hotel business by making deals with
major brands such as Marriott International
and boutique hotel pioneer Ian Schrager; it
now has more than 100 properties in Tokyo
and across Japan. Mori Trust estimates hotel
revenue hit $312 million in the year ended
March 31, nearly doubling over the past six
years and accounting for about one fifth
of the firm’s expected almost $1.5 billion in
revenue in the same period. Date has made
luxury hotels a pillar of the privately held Mori
Trust’s growth strategy and wants to tap into
Japan’s tourism boom, especially ahead of the
2020 Tokyo Summer Olympics.
Jyoti
Deshpande 47
PRESIDENT OF THE CHAIRMAN’S OFFICE,
MEDIA AND ENTERTAINMENT
RELIANCE INDUSTRIES
INDIA
Deshpande moved into her newly minted
post at Reliance Industries in April, tapped
to play a critical role in India’s $20 billion
media and entertainment sector. She has
access to Reliance’s 160 million customers
using 4G broadband service and is charged
with building exclusive content for them in
the form of music, movies and original series
across 11 languages. “This is content they
can consume on their phones, tablets or
televisions seamlessly, anytime, anywhere,”
says the 25-year industry veteran.
She will also manage the investments that
Reliance has already made in the sector: in
U.S. broadcast heavyweight Viacom, Indian
film and TV production house Balaji Telefilms
and, most recently, Indian movie producer
and distributor Eros (where she was global
CEO and managing director before getting
her new gig). Also under her purview is a deal
Reliance announced in March to buy music-
streaming service Saavn through its JioMusic,
creating one of the largest streaming services
in the world. Deshpande will report directly to
Reliance Industries chairman and managing
director Mukesh Ambani, who says, “She will
not only give wings to our plans but also play
a pivotal role in transforming the sector.”
Deshpande seems to have the answer to
keeping calm in what can sometimes be a
chaotic industry. “I meditate twice a day,”
she says. “It helps me focus my energy and
stay positive.” She loves movies and follows
cricket, tennis and soccer.
Elizabeth Gaines 54
CEO
FORTESCUE METALS GROUP
AUSTRALIA
Gaines is the first woman to run a major Australian publicly listed mining company. She joined
the world’s fourth-largest iron ore producer in 2013 as its first female board member, bringing
management and board experience from the banking, construction and travel sectors. She became
CFO in early 2017 before being named CEO in November and has reduced Fortescue’s heavy
borrowing costs through refinancing and debt repayment.
Her appointment comes at a challenging time for the miner: Prices of its low-grade iron products
are under pressure as Chinese steelmakers, complying with tougher antipollution measures, move to
higher-quality grades that can be processed more eiciently. China, the miner’s biggest customer,
remains its core focus, Gaines says, though the company is looking to broaden market share in Asia
and Europe. Gaines stresses her highest priority at work is safety and wants “to empower the entire
Fortescue family to look out for their mates.”Christina Gaw 45
MANAGING PRINCIPAL
GAW CAPITAL
HONG KONG
With $18 billion under management, Gaw Capital has grown into one of the world’s largest private
equity real estate companies. CEO Goodwin Gaw is its leader, while brother Kenneth is the numbers
man. “My strength lies in interpersonal skills,” says younger sister Christina, 45. Largely working behind
the scenes, she oversees fundraising and runs investor services.
She joined the firm in 2008, 3 years after her brothers founded it. Before that, the mother of four
worked in investment banking with UBS and Goldman Sachs for almost 16 years. The trio acquire
underperforming assets and refurbish and reposition them for a tidy profit. Last year the firm raised
$3 billion of equity commitments and completed 28 deals, with transaction volume reaching $7.2 billion.THE EMERGENT 25