SINGAPORE - Cambridge Industrial Management Trust (CITM) has announced a number of changes in its Board, as part of succession planning and enhanced corporate governance strategy designed to comply with new regulatory requirements, it said in a statement Friday.
Board chairman Dr Chua Yong Hai will retire on Jan 1, 2017 after serving close to 9 years in the firm. He will be succeeded by Mr Ooi Eng Peng, currently an independent Director.
"I have served on the board of CITM for close to nine years and I cannot think of a better person to hand over the reins to other than Mr Ooi," said Dr Chua about his successor.
Mr Ooi comes from a strong background in finance with multi-decade experience in real estate. Heis a veteran, having worked in Asia and Australia for more than 30 years.
Besides Dr Chua, Mr Tan Guong Ching, currently the Chairman of the Nominating and Remuneration Committee, will relinquish his position on Jan 15, 2017.
Mr Erle William Spratt will be appointed a new Independent Director of the Trust, subject to approval by the Monetary Authority of Singapore.
Mr Bruce Kendle Berry, currently a member of the Audit, Risk Management and Compliance Committee (ARCC) will be appointed its chairman after Mr Ooi, who currently occupies the position, takes over as chairman of the Board.