CDL names Kwek Leng Beng's son deputy CEO, appoints new CFO

THE son of real estate tycoon Kwek Leng Beng has been named deputy chief executive officer at City Developments Limited (CDL), the property group said in a Singapore Exchange filing Monday morning. It also announced that it had found a new chief financial officer.

Sherman Kwek Eik Tse, 40, will assist the CEO, Grant Kelley, in overseeing and managing "key operating divisions" within the group, CDL said, adding that he would relinquish his positions as chief investment officer of the group and chief executive officer of CDL China.

It said he had "established a presence for the group in Japan and Australia, as well as spearheaded the expansion and development of the group's projects in China, helping to obtain prime sites in Shanghai, Suzhou and Chongqing".

The group also named a new CFO, Yiong Yim Ming, who had been senior vice-president for group accounts including subsidiaries and joint ventures.

Ms Yiong, 42, is taking over from the group's previous CFO, Goh Ann Nee, who resigned in January this year.

CDL also said that Mr Kwek Leng Beng's nephew Kwek Eik Sheng, 34, has been appointed head of asset management on top of his current role as CDL's chief strategy officer, and his additional responsibilities include developing and implementing asset strategies for the management of the group's asset portfolio "with the view to achieving effective and efficient returns".

These appointments took effect from Monday.