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CAMBRIDGE Industrial Trust Management Limited (CITM) board chairman Chua Yong Hai will retire on Jan 1, 2017 after serving close to nine years, the manager of Cambridge Industrial Trust (CIT) announced on Friday.
Also retiring is Tan Guong Ching, chairman of the nominating and remuneration committee, who has a similar length of service. He will step down on Jan 15, 2017.
Upon Dr Chua's retirement, Ooi Eng Peng, currently the chairman of the audit, risk management and compliance committee (ARCC) and independent director, will be appointed as the chairman of the board.
Bruce Kendle Berry, currently a member of ARCC, will take over from Mr Ooi as ARCC chairman.
Erle William Spratt will be appointed as a new independent director, subject to approval by the Monetary Authority Singapore.
Dr Chua, who is also the independent director of CITM, said of incoming Mr Ooi: "I have served on the board of CITM for close to nine years, and I cannot think of a better person to hand over the reins to other than Mr Ooi.
"I am confident that under his stewardship, CIT will go from strength to strength. He has proven to be an invaluable member of the current board and is someone whom his fellow directors and the senior management team look up to. His wealth of industry experience will be invaluable in guiding CIT through its next phase of growth."
Mr Ooi comes from a strong background in finance with multi-decade experience in real estate. He is a widely respected industry veteran, having worked in Asia and Australia for more than 30 years.