Kwek Leng Beng's son named CDL deputy CEO

Singapore

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 on Monday morning. It also announced a new chief financial officer and other appointments, saying it aimed to improve its organisational structure as it ramps up diversification plans.

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 that Sherman Kwek had in his previous roles "established a presence" for the group in Japan and Australia and "spearheaded the expansion and development of the group's projects in China, helping to obtain prime sites in Shanghai, Suzhou and Chongqing".

CDL also named a new CFO, Yiong Yim Ming, who had been its 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. Ms Goh became CFO of another listed company, Raffles Medical Group.

Another Kwek family scion got an expanded portfolio. 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, the group said, adding that 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".

The group tapped Mark Yip, 52, to replace Sherman Kwek as CEO of CDL China, saying Mr Yip would also continue being CDL's chief marketing officer.

It also said that Galen Lee, 43, had joined CDL as head of capital markets in January this year, and will support the CEO in developing and growing the company's funds management platform, while Belinda Lee, 42, has become head of investor relations in addition to her current role of corporate communications head.

The six appointments all took effect on Monday.

CDL shares slipped two cents to end at S$8.38 on Monday.