SINGAPORE - Mainboard-listed CapitaLand announced on Monday that Mr Peter Seah will retire as the company's independent non-executive director and deputy chairman and not seek re-election at the upcoming annual general meeting to be held on April 30, 2015.

On the same day, Mr Seah, 68, will also retire as chairman of CapitaLand's finance and budget committee, chairman of its nominating committee and a member of the executive resource and compensation committee.

Mr Seah, who is chairman of DBS Group, was appointed to the CapitaLand board on December 2001 and became its deputy chairman on January 1, 2009.

The company said that during his tenureship first as a director and then as deputy chairman, Mr Seah had made invaluable contributions to CapitaLand including guiding it to become one of Asia's largest developers.

Said CapitaLand chairman, Mr Ng Kee Choe: "On behalf of the board, I thank Peter for his commitment and dedication to the company throughout the years he has been with us. CapitaLand and I have greatly benefitted from his contributions and wise counsel."

Mr Lim Ming Yan, president and group chief executive officer, said: "On behalf of the management team, I would like to thank Mr Seah for his strong leadership over the last 13 years. Given his breadth and depth of experience, the group has benefitted immensely from his deep insights. He has provided exemplary leadership in strengthening the financial strength of the company amidst challenging market conditions."