Banyan Tree president Eddy See appointed group CEO, taking role count to 3

BANYAN Tree Group B58 has appointed president Eddy See as its new chief executive as part of the company's "leadership development and succession planning".

The 58-year-old will also serve as the managing director of Banyan Tree's hospitality management business unit, the company announced on Thursday (Mar 17).

Following his appointment as chief executive, See will continue to lead the group by working with the board of directors and the management team to execute short and long-term goals, strategies and policies to drive business performance.

See joined the company in 2004, and in recent years has been spearheading the firm's s operations and the expansion of its development footprint globally, said the company.

Banyan Tree noted that under the 2018 Code of Corporate Governance, a company should have a different person assuming the roles of the chairman and chief executive in order to ensure an appropriate balance of power, increased accountability and greater capacity for the board for independent decision making.

However, the company's board of directors said that it has reviewed and considered the "re-designation" of See, and concluded that he has the requisite experience to carry out duties as the president and chief executive.

See holds a direct interest of 561,600 shares in Banyan Tree, and a deemed interest of 705,000 shares.

Shares of Banyan Tree closed flat on Thursday at S$0.30.