OUE board changes take effect, with Stephen Riady becoming CEO

OUE's long-time CEO Thio Gim Hock has retired while Indonesian tycoon Stephen Riady and his son step up, amid other board changes at the property and hospitality group.

Mr Thio, 81, retired from the company on Dec 31, after having held the position since 2007, according to Singapore Exchange filings.

In turn, Dr Riady, who is 59 and OUE's executive chairman, expanded his current role to become CEO on Wednesday. 

His son, Brian Riady, 29, was also promoted to deputy chief executive as part of the group's succession plan. In his new role, Mr Riady will assist his father in setting the group's strategic direction. 

OUE first announced these changes in October 2019. 

In addition, the group has appointed Ivan Lim Ming Rean as chief financial officer (CFO) with effect from Wednesday. 

Mr Lim, 43, joins OUE from Mapletree Logistics Trust Management, where he was CFO for three years. Prior to that, he had been a director at CIMB-Trust Capital Advisors Singapore for about two years. At OUE, Mr Lim will be responsible for financial reporting, budgeting, capital management, tax and investor relations.