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CDL saga casts spotlight on succession and why family businesses struggle with it
Decades of stability can unravel overnight, but sustaining both family harmony and corporate success is a perpetual challenge
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The conflict over CDL’s leadership comes a few years after the company’s ill-timed push into the Chinese property market led to a record loss of $1.9 billion in 2020.
ST PHOTO: GIN TAY
Marleen Dieleman
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Succession is among the buzzwords as all eyes are on City Developments Limited (CDL), where a bitter leadership feud has spilled into the public domain. The boardroom battle involves executive chairman Kwek Leng Beng and his son Sherman Kwek who is group chief executive officer.
Mr Kwek Leng Beng announced on Feb 26 that he had sued his son, along with several other company directors, over an “attempted coup”
