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First Reit manager appoints Victor Tan as new CEO while Ronnie Tan retires
THE manager of First Real Estate Investment Trust (Reit) appointed Victor Tan as its acting chief executive officer (CEO) and executive director of the board, following the retirement of Ronnie Tan, its former CEO and executive director of the board.
The succession plan was announced by Bowsprit Capital Corporation Limited on Friday and took effect immediately.
Dr Ronnie Tan, who was CEO of Bowsprit since 2006, said: "I am honoured to have worked with a stellar team at First Reit; and together with the invaluable counsel from the board, the trust has today grown to more than a billion dollar market capitalisation entity with a portfolio of 18 properties in Asia and an asset value of S$1.3 billion.
"I shall now hand the baton over to Victor who has played an integral role in steering the growth of the trust in the last nine years. With his experience and strong leadership, I am confident that Victor will lead the trust to its next chapter of growth."
Mr Victor Tan was formerly the chief financial officer of Bowsprit, and joined the company in 2008. He has been overseeing the financial operations and managing the financial risks of the trust.
Prior to joining Bowsprit, he had more than 10 years of accounting experience with a large listed Singapore-based healthcare group, focusing on financial reporting.
He said: "Firstly, I would like to thank Dr Tan for his stewardship and invaluable contribution during his tenure with Bowsprit and the trust. We had worked very closely together over the years and shared the aligned vision of creating value and maximising returns to all our unitholders.
"It is an honour to take over the helm from Dr Tan, and I would also like to thank the board for their endorsement. I look forward to working with the board and the management to strengthen the strong foundation that has been laid, and grow the trust further."