Lee Chee Koon to be CapLand's president, group CEO from Sept 15

Singapore

NINE months after becoming group chief investment officer at CapitaLand, Lee Chee Koon is changing jobs - this time to helm the property giant from Sept 15.

He takes over from Lim Ming Yan, 55, who shocked the market in June when he announced his retirement as president and group chief executive.

CapitaLand had said its June 1 announcement that his last day of service would be Dec 31, but the developer's Singapore Exchange announcement on Tuesday said that he would retire as president and group chief executive officer on Sept 15, and remain as a non-independent director until Dec 31.

A CapitaLand spokesman told The Business Times that Mr Lim's last day was announced as Dec 31 to give the company time to search for and appoint a successor. But now that Mr Lee has been appointed, Mr Lim will hand over his duties on Sept 15. The spokesman said Mr Lim would continue as a board director until Dec 31 "to provide guidance and continuity to the new management team".

Mr Lee, 43, joined CapitaLand in February 2007 as vice-president for office of the president. He then served in The Ascott Limited, Capitaland's serviced-residence business, from July 2009 to Dec 2017, including a stint from June 2013 as its CEO. He became group chief investment officer for CapitaLand in January 2018.

The group said Mr Lee had "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 for shareholders."

Mr Lim joined CapitaLand in 1996 and become president and group CEO at the start of 2013, taking over from founding CEO Liew Mun Leong.

He said in the statement: "I am committed to working closely with the board and Chee Koon to achieve a smooth transition. 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 announced two other appointments, also to take effect on Sept 15: Jason Leow Juan Thong, the group chief executive operating officer for CapitaLand since Jan 1, will become president for Asia (ex-China) and retail to oversee the group's presence in Asia (ex-China).

Lucas Loh Jen Yuh, chief executive officer of CapitaLand China since September 2014, will be apppointed president for China and investment management to oversee the growth of China as CapitaLand's core geographical market and the expansion of its investment management business.

Ng Kee Choe, chairman of CapitaLand said: "Chee Koon, Jason and Lucas are key members of the management team and have been instrumental in developing and executing the group's growth strategy. Led by Chee Koon, the team's combined competencies and experiences will benefit CapitaLand greatly."