SINGAPORE - Christopher Tang, 59, is stepping down as CEO of Frasers Property Singapore at the end of 2019 after 18 years with the group, it said in a bourse filing on Wednesday (Oct 9).
From Jan 1, 2020, Mr Tang will assume a new position of senior adviser, while continuing to serve as a director on the boards of Frasers Property (Singapore); Frasers Centrepoint Asset Management, manager of Frasers Centrepoint Trust (FCT); and Frasers Commercial Asset Management, manager of Frasers Commercial Trust (FCOT).
The CEO oversees the group's residential, retail, commercial and development business, but Frasers will not be making a direct replacement for Mr Tang.
Instead, Low Chee Wah, 54, will become CEO of the company's newly announced retail-focused business unit, Frasers Property Retail, with effect from Oct 15. He will report directly to Frasers' board of directors, which includes Mr Tang.
Frasers' commercial, residential and development businesses will continue operations as usual, with the core leadership teams across these businesses reporting directly to the board, Frasers said.
The board of directors also includes Panote Sirivadhanabhakdi, group chief executive officer of Frasers Property, and Loo Choo Leong, group chief financial officer of Frasers Property.
The new retail business unit represents an asset size of about $8 billion that includes the development, asset management and property management capabilities of Frasers Property Singapore and FCT's retail assets, Frasers said.
Mr Sirivadhanabhakdi said: "Our retail business in Singapore has grown rapidly over the years. We believe the focused retail platform will allow us to better serve the needs of our customers in this fast-evolving retail landscape."
Currently, Mr Low is the senior executive vice-president/head of retail and commercial at Frasers Property Singapore, a position he has held since Jan 2017. He joined Frasers in 2007 and has held various senior leadership positions, including CEO of FCOT's manager, Frasers Commercial Asset Management.
Mr Tang joined Frasers Property in 2001, and has held several appointments including CEO for Commercial and Greater China and CEO of Frasers Centrepoint Asset Management.
During his 18-year tenure, Mr Tang has led the formation of FCT and the acquisition of FCOT and oversaw growth into integrated developments like Changi City Point, Northpoint City and Waterway Point.
"It has been an incredible journey being part of the Frasers Property Group growth story and leading Frasers Property Singapore has been an honour and privilege. The planned retirement reflects my personal desire to participate in the group's continual growth in a different leadership capacity," said Mr Tang.