CapitaLand's group CIO Lee Chee Koon to become president and group CEO

CAPITALAND's group chief investment officer Lee Chee Koon will helm the property giant starting Sept 15, taking over from current president group chief executive Lim Ming Yan who gave notice to retire earlier this year in June.

Mr Lee joined the company in February 2007 and has held several appointments within the group, including as chief executive officer of The Ascott Ltd (Ascott), CapitaLand's wholly owned serviced residence business.

CapitaLand said in a press statement on Tuesday that Mr Lee had over a four-year period from 2013, "successfully led Ascott's recovery in profits, significantly grew its revenues and oversaw its unprecedented expansion".

Mr Lee said: "I am deeply honoured to have this opportunity to lead CapitaLand in its next phase of growth. Ming Yan has built a strong foundation for expansion. I will build upon it to bring CapitaLand forward and to achieve greater returns to shareholders. I look forward to working with a very experienced board and our dedicated colleagues at CapitaLand to shape a greater future for the group."

Mr Lim will continue to serve as a board director of the company until the end of this year.

"I am committed to working closely with the board and Chee Koon to achieve a smooth transition," he said in the statement. "Chee Koon has proven himself to be a highly driven and capable leader with strong core values. I am delighted to be handing over the reins to an executive of his calibre."

CapitaLand also appointed Jason Leow Juan Thong as its new head president for Asia (ex-China) and retail and Lucas Loh Jen Yuh as president for China and investment management, effective Sept 15.

Ng Kee Choe, chairman of CapitaLand, said: "The board has continually worked with the management team on succession planning and deepening of bench strength to build a robust talent pipeline. After a very thorough and systematic review process, the board is pleased to put in place leaders with the best fit and capability to chart CapitaLand's next phase of growth."