Frasers Hospitality's chief Choe Peng Sum to retire

AFTER over 20 years at the helm of Frasers Hospitality, Choe Peng Sum, 58, will retire on Friday as chief executive.

He will take up the role of senior adviser to Frasers Property from this weekend.

The recruitment of Mr Choe's successor is "progressing well", the property group said in a statement.

Frasers Property's group chief executive, Panote Sirivadhanabhakdi, said: "During his tenure, Peng Sum strengthened Frasers Hospitality's management bench strength and set up an international infrastructure as he grew the portfolio under management from Fraser Suites in Singapore in 1998 to more than 150 serviced residences and hotels in 80 cities with assets under management valued at S$4.8 billion. Under his stewardship, Peng Sum built a well-recognised highly awarded global brand and launched Frasers Hospitality Trust, the first global hotel and serviced residence trust to be listed on the SGX."

Mr Choe said: "I am honoured and privileged to have worked alongside an amazing team and I am thankful to them all for their commitment, and many, for their dedicated long service to Frasers Hospitality. I am confident that Frasers Hospitality will continue to grow from strength to strength under the very capable hands of the leadership team at Frasers Hospitality. I look forward to transitioning to a new stage in my life."

Frasers Property closed at S$1.70, up S$0.01 or 0.59 per cent before the announcement was made.