Ascendas Funds Management CEO to retire in March
TAN Ser Ping will retire from Ascendas Funds Management (AFM) - the manager of Ascendas Real Estate Investment Trust (A-Reit) - after having served as its chief executive officer for 11 years, effective March 31, 2016.
Mr Tan, 57, will be succeeded by Chia Nam Toon - currently chief financial officer and chief corporate officer of the Ascendas-Singbridge Group - effective April 1, 2016.
To ensure a smooth transition, Mr Tan will take on the role of adviser to the AFM board for 12 months following his retirement, the trust said in an announcement to Singapore Exchange.
AFM chairman Koh Soo Keong credited Mr Tan's leadership for the strength of the management team which has led various milestones in the expansion of A-Reit - Singapore's first and largest listed business space and industrial real estate investment trust, with S$9.4 billion of assets as at end-2015.
A-Reit units closed four Singapore cents or 1.9 per cent up at S$2.17 on Friday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
HSBC says growing Chinese wealth fuels client investments in US
Unilever's India quarterly profit disappoints
US: Wall St opens higher on tech boost, upbeat earnings
GM CEO Barra compensation fell 4% in 2023 to US$27.8 million
Prada’s sales up 16% in first quarter as Miu Miu shines
Boeing reports first revenue drop in 7 quarters as deliveries decline