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UOL Group's Gwee Lian Kheng to retire next January

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Mr Gwee Lian Kheng, group CEO of UOL Group, will retire Jan 2019. He will remain director on the board.

UOL Group's group chief executive Gwee Lian Kheng will retire on Jan 31 next year after 45 years of service.

Mr Gwee, 77, will remain as director on the board.

He joined the company as group financial controller and company secretary in 1973 and in 1987 became the executive director and general manager of the company.

Since then, the company has grown from total assets of about S$749 million to nearly S$20 billion as at March 31 this year, UOL Group noted in a press statement.

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The board is still identifying and reviewing internal and external candidates for his successor and Mr Gwee will work with the board to achieve a smooth transition, UOL said in the statement.

"I consider it a privilege to have the opportunity to serve so many years, indeed almost my entire career, in a company that has become a leading property player in Singapore," said Mr Gwee. "For this, I am very grateful to the Board of UOL, in particular chairman Dr Wee Cho Yaw, for his guidance, support and trust over the years, which enabled me and my management team to build the company to what it is today and to create value for our shareholders."

He also thanked the management staff at UOL for their support.

UOL Group shares closed six Singapore cents higher on Friday at S$7.62 before the announcement. Separately, CapitaLand's group chief executive Lim Ming Yan is retiring with effect from July 1 from his roles as:

- deputy chairman and non-executive non-independent director of CapitaLand Retail China Trust Management, where he will also relinquish his role as chairman of the executive committee and member of the corporate disclosure committee; 

- deputy chairman and non-executive non-independent director of Ascott Residence Trust Management, where he will also relinquish his role as chairman of the executive committee; 

- deputy chairman and non-executive non-independent director of CapitaLand Commercial Trust Management, where he will also relinquish his role as chairman of the executive committee and member of the corporate disclosure committee

- deputy chairman and non-executive non-independent director of CapitaLand Mall Trust Management, where he will also relinquish his role as chairman of the executive committee and investment committee and member of the corporate disclosure committee

CapitaLand announced in early June that Mr Lim, 55, would retire on Dec 31.