Kwek Leng Beng's son, Sherman Kwek, becomes CDL deputy CEO

SINGAPORE - City Developments Limited (CDL) named the son of property tycoon Kwek Leng Beng its deputy chief executive officer, the company said in a filing to the Singapore Exchange on Monday morning (April 11).

Mr Sherman Kwek Eik Tse, 40, will assist CEO Grant Kelley in overseeing and managing key operating divisions within the group, said CDL.

The younger Mr Kwek will relinquish his positions as CDL chief investment officer and CEO of subsidiary CDL China, but he will continue to oversee the group's operations in China through his appointment as chairman of CDL China's board of directors, said CDL.

On his past achievements for the group, CDL said Mr Kwek had "established a presence for the group in Japan and Australia, as well as spearheaded the expansion and development of the group's projects in China".

In a separate filing, CDL also named Mr Kwek Leng Beng's nephew, Mr Kwek Eik Sheng, 34, head of asset management in addition to his current role as CDL's chief strategy officer.

His additional responsibilities include developing and implementing asset strategies for the management of the group's diverse asset portfolio for effective and efficient returns.

CDL also announced to SGX the appointment of Ms Yiong Yim Ming as its new chief financial officer (CFO). Ms Yiong, 42, who was senior vice-president for group accounts, takes over from Ms Goh Ann Nee, who left in January and joined Raffles Medical Group as CFO the month after.

The appointments announced on Monday took immediate effect.