CAPITALAND Limited said on Monday morning that its deputy chairman Peter Seah will retire from his position as independent director and deputy chairman.
Mr Seah, 68, will not seek re-election at the upcoming annual general meeting on April 30. On the same day, he will also retire as chairman of the finance and budget committee, chairman of the nominating committee and a member of the executive resource and compensation committee.
Mr Seah was appointed to the board on Dec 18, 2001, and assumed the role of deputy chairman on Jan 1, 2009.
CapitaLand said that Mr Seah has made outstanding contributions to the company over the last 13 years.
"Given his breadth and depth of experience, the group has benefited immensely from his deep insights," said CapitaLand president and group CEO Lim Ming Yan. "He has provided exemplary leadership in strengthening the financial strength of the company amidst challenging market conditions."
CapitaLand chairman Ng Kee Choe said: "On behalf of the board, I thank Peter for his commitment and dedication to the company throughout the years he has been with us. CapitaLand and I have greatly benefited from his contributions and wise counsel."