SINGAPORE (THE BUSINESS TIMES) - Property giant CapitaLand announced Tuesday that its chairman, Ng Kee Choe, who has been on its board since April 2010, will be retiring. He will be succeeded by Mr Miguel Ko, the deputy chairman of the group.
CapitaLand said Mr Ng will retire as chairman and director at the conclusion of its next annual general meeting (AGM) scheduled for April 2021.
Mr Ng joined the CapitaLand board in April 2010 and became chairman in May 2012. According to CapitaLand, he oversaw the laying of a firm foundation for the group to achieve sustainable and stable financial growth and performance.
"Under his chairmanship, CapitaLand has successfully undertaken numerous strategic initiatives, the most recent being the S$11 billion combination with Ascendas-Singbridge in 2019 to create one of Asia's leading diversified real estate groups, and which transformed CapitaLand from an Asia-focused to a global real estate player with a balanced portfolio," CapitaLand said in a press statement.
"I am confident that under the stewardship of the board to be led by Miguel and the management team headed by Chee Koon, CapitaLand will advance strongly, achieve more success and scale new heights of excellence," Mr Ng said.
Mr Ko has been deputy chairman and a non-executive director of CapitaLand since August 2019. He will serve as non-executive and non-independent chairman of CapitaLand after Mr Ng retires next year.
Mr Ko was the founding group chief executive officer (CEO) of the former Ascendas-Singbridge until its combination with CapitaLand in 2019. He was CEO of CLA Real Estate Holdings Pte Ltd (CLA) between June 2019 and October 2020, and has taken on the role of CLA's non-executive deputy chairman effective this month. CLA, CapitaLand's majority shareholder, is a wholly-owned subsidiary of state investment firm Temasek Holdings.
"I have had the opportunity to serve on the CapitaLand board since August 2019 which has helped me to understand the company's extensive business as well as its exciting opportunities and current challenges," Mr Ko said.
"Underpinned by an aligned vision and common values, I am confident that CapitaLand is well placed to emerge a stronger company post-Covid-19."