Stephen Riady, Brian Riady helm OUE following CEO's retirement

Singapore

INDONESIAN tycoon Stephen Riady and his 29-year-old son will be taking a more hands-on role at OUE, with the retirement of its long-time CEO Thio Gim Hock.

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

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 planning. In his new role, Mr Riady will assist his father in setting the group's strategic direction.

Mr Riady was named CEO of OUE's hospitality division in 2018. Prior to that, he was vice-president of strategy at the family's Lippo Group from 2013 to 2018. Before joining Lippo, he had been an analyst at Credit Suisse USA.

OUE first announced these changes in October 2019.

In addition, the group has appointed Ivan Lim Ming Rean chief financial officer (CFO) with effect from Wednesday. OUE had been in the search process for one since October.

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.

Shares of OUE closed unchanged at S$1.49 on Tuesday.