CDL appoints two non-executive, independent directors

TWO new non-executive, independent directors have been appointed to the board of City Developments (CDL) with effect from Nov 20, the developer announced on Friday evening.

They are hospitality veteran Daniel Marie Ghislain Desbaillets, and Chong Yoon Chou, who is experienced in asset and fund management.

Mr Desbaillets, 70, has held various senior positions in international hotel chains including the Millennium & Copthorne Hotels group.

He had served as an independent, non-executive director of Millennium & Copthorne Hotels before its privatisation by CDL in 2019, as well as a member of the audit and risk, remuneration, and risk committees.

He was also an independent, non-executive director of M&C Reit Management, which manages CDL Hospitality Reit (real estate investment trust), and of M&C Business Trust Management, the trustee-manager of CDL Hospitality Business Trust.

He was a member of the nominating and remuneration committees of the aforesaid manager and trustee-manager prior to his stepping down from their boards in September 2016.

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Mr Chong, 52, led the equity investment team at Aberdeen Asset Management, and managed US$380 billion in funds at Ostrum Asset Management Asia.

CDL said: "Taking into consideration both Mr Desbaillets and Mr Chong's credentials and extensive experience in the hospitality and asset and funds management, respectively, the Board looks forward to their contributions of skills and diversity to the current core competencies of the Board."