CDL appoints Kwek Eik Sheng new group COO, makes changes to board

SINGAPORE (THE BUSINESS TIMES) - Property developer City Developments Ltd (CDL) announced on Tuesday (Dec 28) that it has appointed its current group chief strategy officer Kwek Eik Sheng to be the group's chief operating officer (COO) from Saturday (Jan 1).

CDL also announced that Mr Philip Yeo Liat Kok will be redesignated as a non-independent director from that day, having served more than nine years on the board.

Mr Yeo will also cease to be chairman and member of the nominating committee as well as member of the board sustainability committee (BSC). Mr Colin Ong Lian Jin will take over as chairman of the nominating committee, while Mr Chong Yoon Chou will be appointed as a member of the BSC.

While Mr Yeo had expressed his intention to step down from the board, the company's nominating committee recommended that he remain to maintain a balance of experienced and new independent directors (IDs) on the board.

Furthermore, CDL announced Baker McKenzie Wong & Leow lawyer Wong Ai Ai's appointment as an independent director on the board.

The company noted that she has led a range of landmark transactions for blue-chip clients and led Baker McKenzie as chairman of the Asia-Pacific region as well as a member of its global executive committee.

Ms Wong is also a board member of the Singapore Tourism Board and a founding steering committee member of Climate Governance Singapore Limited, a World Economic Forum-led initiative to educate non-executive directors on the impact of climate change.

CDL shares closed up six cents or 0.9 per cent at $6.78 on Tuesday before the announcements were made.