Sherman Kwek, 40, the son of Kwek Leng Beng, is now Deputy CEO. (Photo: CDL)
Property giant City Developments Limited (CDL) has announced six new appointments in the company, effective immediately.
In a Singapore Exchange filing on Monday (11 April), CDL said the move is part of succession plans and leadership continuity within the senior management team.
Executive Chairman Kwek Leng Beng’s son, Sherman Kwek, was promoted to Deputy Chief Executive Officer. He will assist Chief Executive Officer Grant L. Kelley in the oversight and management of key operating divisions within the company.
The 40-year-old was previously Chief Investment Officer of CDL and Chief Executive Officer of CDL China, helping to lead the expansion and development of the group’s China projects.
Prior to this, he held various executive management roles within Hong Leong Group, the parent company of CDL, as well as in multinational corporations.
Meanwhile, Kwek Eik Sheng, son of the late Deputy Chairman Kwek Leng Joo, who passed away in his sleep following a heart attack last November, has been appointed Head, Asset Management. This is in addition to his current role as Chief Strategy Officer.
His new responsibilities include developing and implementing asset strategies for the group’s diverse asset portfolio. Since joining the company in 2009, the 34-year-old has served as Assistant General Manager in the Business Development & Asset Management (International) Department, and Head of Corporate Development.
At the same time, Yiong Yim Ming, 42, has been appointed CDL’s Chief Financial Officer (CFO), after the previous CFO resigned in January this year. During this period, she stepped in to handle the duties and responsibilities of the CFO role.
She will be responsible for strategic financial planning, financial reporting and accounting, corporate tax, and treasury. Since joining the company in 2007, she has been actively involved in the development of CDL’s funds management platform, and has extensive knowledge of the group’s financial and operation matters.
Her previous experience includes a 10-year stint with KPMG Singapore and a two-year engagement with Ernst & Young Singapore.
Other recent changes include the appointment of Mark Yip as Chief Executive Officer of CDL China, Galen Lee as Head of Capital Markets, and Belinda Lee, who was appointed Head, Investor Relations, in addition to her current portfolio as Head, Corporate Communications.
“The new portfolios are aimed at expanding our international footprint in property development and asset management; developing new innovative products; growing our funds management business and capital recycling strategy; enhancing our engagement with the investment community; and coupled with prudent capital management,” said Kelley.