GuocoLand group CFO resigns; new executive appointments announced

GUOCOLAND'S F17 group chief financial officer (CFO) Gregory Sim Chee Wah has resigned to pursue personal interests after slightly over a year at the post, announced the property developer on Wednesday (Dec 22) morning.

Sim's last day of service will be on Dec 31, 2021.

In a press statement issued on the same day, GuocoLand chief executive Cheng Hsing Yao thanked Sim for a "steadfast and steady hand during the global pandemic, which has helped to guide the group through a challenging time".

He will be succeeded by current CFO Andrew Chew with effect from Jan 1, 2022.

Chew has more than 20 years of accounting, finance and management experience. He holds a Bachelor of Business (majoring in accounting) from Australia's Monash University.

As the new group CFO, he will assume Sim's present responsibilities for all financial matters including financial reporting, taxation, risk management and treasury functions of the GuocoLand Group. Chew will also be involved in driving GuocoLand's digitalisation and sustainability efforts.

"Andrew has deep knowledge in both finance as well as real estate operations, a rare combination for group CFO. He will play an integral role in GuocoLand's future growth strategies," noted Cheng.

The group also highlighted Chew as "instrumental" in securing its first green loan of S$730 million in 2020 for Midtown Modern during his term as CFO.

Prior to joining GuocoLand, Chew worked with GL, then known as GuocoLeisure, which is owned by Hong Kong-listed Guoco Group.

GuocoLand on the same day announced its appointment of Valerie Wong as group general manager, asset management - a new role which was created to oversee the group's investment properties portfolio.

Prior to this Wong was general manager of the group's Singapore commercial operations. She has over 25 years of experience in asset management and is credited for spearheading the launch of Guoco Tower's premium Grade A offices.

In her new role, she will oversee the asset management strategies for GuocoLand's expanding portfolio of investment properties in Singapore and overseas.

"With the upcoming Guoco Midtown in Singapore and soon-to-be-completed Guoco Changfeng City in Shanghai, the group's investment portfolio is set to grow. Having successfully established GuocoLand's investment business in Singapore, Valerie will have an enlarged role looking at the group's investment assets and business," stated Cheng.

Shares of GuocoLand ended flat at S$1.47 on Dec 21 before news of the group's executive changes.

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