Singapore

THE resignation of Grant Kelley as CEO of City Developments (CDL) may have come as a surprise, but the promotion of Kwek Leng Beng's son, Sherman Kwek, to take his place starting 2018 was something market watchers knew would eventually happen.

What surprised was the timing; they hadn't expected it to happen so soon. Mr Kelley tendered his resignation on Aug 10 to join Australia-listed shopping centre landlord Vicinity Centres as its new chief executive, replacing outgoing boss Angus McNaughton who plans to retire.