Deputy CEO of CapitaMalls Asia Simon Ho (pictured), and CEO of CapitaMalls Malaysia REIT Management Sharon Lim will be resigning, CapitaLand confirmed in media reports.
Despite the departure of several key executives lately, business will continue as usual in CapitaLand, which remains in a good position to tap opportunities in its core markets of China and Singapore, said its president and group chief executive Lim Ming Yan.
“Some of our colleagues have made personal decisions to move on, those are decisions that I respect and appreciate their contribution to CapitaLand over the years. But we have deep management bench strength with people who can step up and take the company forward,” he said.
In fact, the real estate industry has witnessed many changes during the last few years and “there are underlying (trends) that will continue to impact the sector in Asia and change the landscape that we operate in,” noted Lim.
“To move forward, we have made changes in the company that are necessary and important for us to position ourselves for the future. One of the key changes is to simplify our structure to move fast and be nimble.”
The company announced in January 2013 it will reorganise its business into four key areas – CapitaLand Singapore, CapitaMalls Asia, CapitaLand China, and The Ascott Ltd.
Amid these changes, several senior executives resigned this year, namely, Wong Heang Fine, CEO of CapitaLand Singapore (Residential), Lim Beng Chee, CapitalMalls Asia’s former CEO and Olivier Lim, former group deputy CEO of CapitaLand.
“In a context like this, when we are making major changes so that we can cater to the future, sometimes it is also not unexpected that there will be management changes…What is important, at this point in time, is I think we have a new team of people, we have moved quite a number of younger colleagues up into position,” Lim said.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
