CEO of Lippo Malls Reit manager to step down at end-April

THE manager of Lippo Malls Indonesia Retail Trust on Wednesday said its chief executive officer & executive director, Alvin Cheng, will be stepping down from the position to pursue his personal and professional interests at the end of April 2016.

The board is currently sourcing for suitable candidates to replace Mr Cheng, both within the sponsor, PT Lippo Karawaci Tbk, and related companies as well as externally.

Viven Sitiabudi, executive director of the manager, will be assuming the responsibilities of the CEO for the time being until a new CEO has been appointed.

Mr Cheng joined the manager in July 2010, at first as chief financial officer, before he was promoted to CEO and executive director in April 2013.

Among the things Mr Cheng has done during his term was to expand its sources of capital, including the setting up of a Euro Medium Term Note issuance programme in 2012, and securing a Baa3 investment grade rating from Moody's in 2015.