Stephen Riady's son to become deputy CEO of OUE

THE son of Indonesian tycoon Stephen Riady will be promoted to deputy chief executive of the family-controlled property and hospitality group OUE from Jan 1 next year.

In his new role, Brian Riady, son of Dr Riady, will assist his father in setting the group's strategic direction, OUE announced on Monday.

The younger Riady became CEO of OUE's hospitality division a year ago at the age of 28. Prior to that, he was vice-president of strategy at the family's Lippo Group from 2013 to 2018. Prior to Lippo, he was an analyst at Credit Suisse USA.

The move is part of the group's succession plan, OUE said.

Dr Riady, OUE's executive chairman, will also expand his existing role to become CEO with effect from Jan 1 next year, replacing long-time CEO Thio Gim Hock.

Mr Thio will retire from the company after having held the position for more than 11 years. Separately, Isaac Chen Yi Chung has been appointed chief operating officer with effect from Tuesday.

Mr Chen joined OUE in 2008 and was most recently the acting CEO of OUE Hospitality Reit Management prior to the merger of OUE Commercial Reit with OUE Hospitality Trust.

In his new role, Mr Chen will be responsible for overseeing the implementation of the group's operations, namely in property development, leasing, retail, residential and hospitality.

Christopher James Williams, currently non-executive deputy chairman of OUE, will also become the group's non-executive general counsel with effect from Tuesday.

OUE is also in the search process for a chief financial officer, it said.

OUE shares fell one Singapore cent or 0.69 per cent to S$1.44 on Monday.