CDL’s long-time director Philip Yeo to depart after boardroom feud

SINGAPORE - Long-time City Developments Limited director Philip Yeo is leaving the Singapore property giant’s board, after a recent feud rocked the billionaire Kwek clan that controls it and caused a rift in its boardroom.

Mr Yeo, a former top civil servant who has been on CDL’s board for 16 years, has given notice of his retirement and his last day will be July 31, according to a stock exchange filing on July 15.

The 78-year-old’s departure as a non-independent and non-executive director comes after a tumultuous few months for Singapore’s wealthiest family.

In February 2025, CDL’s octogenarian chairman Kwek Leng Beng accused his son and chief executive officer Sherman Kwek of

orchestrating a boardroom coup at the developer

– an allegation the younger Kwek denied.

Mr Kwek Leng Beng, Mr Yeo and two independent CDL directors filed a lawsuit against Mr Sherman Kwek and a majority of the board that month. It was dropped in mid-March and both sides agreed to set aside their differences,

but tensions remained on the board

.

During the company’s annual general meeting in April, Mr Yeo lashed out at several CDL directors, saying he was “very disappointed” with how some of the board members had pushed through new director appointments earlier in the year, and calling the moves “totally improper”.

Despite Mr Yeo’s comments, all five of CDL’s independent directors who were up for re-election were reappointed by an overwhelming majority of shareholders at the meeting.

CDL’s filing on July 15 said that there were no unresolved differences in opinion on material matters between Mr Yeo and the rest of the board.

A spokesperson for Mr Yeo did not immediately respond to a request for comment. Following his departure, the developer’s board will have 10 directors. BLOOMBERG