Property developer CapitaLand announced late last week that its CEO Liew Mun Leong (pictured) will give up his position on 28 June 2013.
After serving two term extensions – a three-year extension from 28 June 2008 and a two-year extension from 28 June 2011, Liew said that he would not seek another term.
He was named CEO of CapitaLand in November 2000 when the company was formed following the merger between DBS Land and Pidemco Land.
When his term ends, the 66-year old would have spent 17 years as Group President and CEO, beginning in 1996 when he was appointed President of Pidemco Land.
“My years at CapitaLand have been a very fulfilling part of my career. During this period, a strong management team to support the Group’s long-term profitable growth has been nurtured…I am confident that this team will be able to bring the Group to the next level of growth and development. I will ensure a smooth handing over to my successor. I believe the mark of my success is to have a good successor,” noted Liew.
“Next year will be my 17th year in that position. It is time for a younger leader to take on that leadership responsibility. CapitaLand is in a strong financial position and will be in good hands. I would like to take this opportunity to thank all stakeholders for their support. It has indeed been a most satisfying journey for me at CapitaLand.”
Ng Kee Choe, Chairman of CapitaLand’s Board, said: “I would like to thank Mun Leong for his valuable contributions to CapitaLand. He has built a strong organisation with a broad and deep bench strength that will provide the foundation for the Group’s further growth and expansion. Under his strong leadership and stewardship, the Group has become one of the largest real estate players in Asia today, achieving more than S$1 billion in annual net profit in the last six years.”
Following Liew’s retirement, a Board Succession Committee will review both internal and external candidates for the top position.
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