Tuesday, August 7, 2012

CapitaLand chief exec sells shares after retirement announcement

Straits Times: Tue, Aug 07

CAPITALAND president and chief executive Liew Mun Leong has sold off a portion of his stake in the company for more than $3 million, the firm said in a statement yesterday.

The sales comes after he announced about a month ago that he plans to retire.

Mr Liew, 66, disposed of one million shares - or 0.02 per cent of the issued capital - at $3.08 a piece on the open market yesterday.

This reduces his holdings from 3.55 million shares to 2.55 million - or down from 0.08 per cent to 0.06 per cent.

Mr Liew announced in June that he would step down in a year - when he turns 67 - after one of the longest stints as a corporate boss in Singapore.

The property developer with a presence in 20 countries and 12,000 staff has also made a series of changes to its management team over the past year.

In line with its succession planning process, younger talent who have been groomed over the last several years will assume leadership roles, CapitaLand had earlier stated.

It named a new chief financial officer, former Morgan Stanley investment banker Arthur Lang, and swopped the roles of some of its senior managers.

For instance, Ascott chief executive Lim Ming Yan has relinquished his position to focus on his role as CapitaLand's chief operating officer.

His role at The Ascott was taken over by Mr Chong Kee Hiong, chief executive of Ascott Residence Trust Management (ARTML), the manager of Ascott Reit. Mr Ronald Tay will be designated as chief executive of ARTML.

CapitaLand's head of strategic corporate development, Mr Olivier Lim, was also appointed its chief investment officer. He replaces Mr Wen Khai Meng, who will focus on his appointment as chief executive of CapitaLand Financial.

Chief corporate officer Jennie Chua has also retired from her executive role and was replaced by deputy chief corporate officer Tan Seng Chai.

Mr Liew has headed the property giant since it was formed following a merger between Pidemco Land and DBS Land in November 2000.

He began his career at the Ministry of Defence in 1971. A civil engineer by training, Mr Liew started developing military camps and infrastructure for Mindef, and led Changi Airport's development.

He also chairs the Changi Airport Group and is a director of the Singapore Exchange and Singapore-China Foundation.

CapitaLand has since grown to become South-east Asia's largest property company with total assets of more than $33 billion. Singapore and China remain the firm's largest markets, making up 72 per cent of its assets.

CapitaLand's shares closed a cent up at $3.13 yesterday.

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