FLCT manager’s chief executive steps down for family reasons
THE chief executive officer (CEO) of Frasers Logistics & Commercial Trust’s (FLCT) manager has decided to step down for family reasons “after a lot of reflection”.
Robert Wallace will remain at his post until May 31, 2023 before returning to Australia to be with his family, announced the manager on Tuesday (Feb 14).
Until then, he will be working closely with the management team and board of directors to ensure a smooth transition.
The appointment of his replacement will be announced in due course.
Wallace, who has been chief executive of the manager since 2016, is responsible for driving the overall business and investment strategies of FLCT. He provides leadership for the day-to-day management of the business, ensuring the effective implementation of FLCT’s business plans.
FLCT’s portfolio value quadrupled from an initial S$1.6 billion to over S$6.6 billion under his leadership, said the manager.
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Highlighting his “strong leadership and unrelenting dedication to FLCT” over the last seven years, Ho Hon Cheong, board chairman, non-executive and independent director of the manager, said Wallace was “invaluable” in leading the merger between Frasers Logistics & Industrial Trust with Frasers Commercial Trust.
Following the merger, the enlarged entity was renamed FLCT in April 2020.
“The progress at FLCT since then has been nothing short of incredible, and the team will continue to carry it forward. We are happy for Rob to be back home with his family and wish him all the best for his next chapter,” said Ho.
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Units of FLCT ended S$0.06 or 4.58 per cent lower at S$1.25 on Tuesday.
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