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22-01-14, 11:02
http://www.businesstimes.com.sg/archive/friday/premium/companies/others/cdl-appoints-grant-kelley-newly-created-ceo-post-20140117
Published January 17, 2014
CDL appoints Grant Kelley to newly created CEO post
Move is seen as a major step in succession planning at the group
By Kalpana Rashiwala [email protected]
CITY Developments Ltd (CDL) wants to accelerate its overseas growth engines and has appointed Grant Kelley, formerly from Apollo Global Management and Colony Capital, as its CEO. The move is seen as a major step in succession planning at the property and hotel group.
The chief executive post that the 49-year-old Australian will assume from Feb 17 is a newly created one at CDL, which last year marked its 50th anniversary.
The group's managing director, 60-year-old Kwek Leng Joo, will relinquish his current post to assume the role of deputy chairman, another newly minted post. His elder brother, Leng Beng, 72, remains executive chairman.
CDL is the last of the major listed companies in the Singapore Hong Leong Group - controlled by the Kwek family - to be run by an outside professional.
Mr Kelley, "with his wide expertise in finance and international real estate investment . . . will initiate new strategies and intensify CDL's diversification plans", said Mr Kwek Leng Beng in a statement.
"We need to be less Singapore-centric in light of limited opportunities domestically. These appointments will help strengthen and deepen the expertise of our management team as we shift gears and look outwards to capitalise on growth markets," he added.
Mr Kelley has more than two decades' global experience in corporate strategy, private equity and real estate investment in Australia, Hong Kong, Japan, Singapore, South Korea, the United Kingdom and the United States. He also has experience in the hospitality industry.
"Leveraging on Grant's experience at Colony, where he managed a wide portfolio of hotel assets, he will be in a unique position to help monitor the performance of Millennium & Copthorne Hotels (M&C) plc, a major subsidiary and revenue contributor to CDL," said Mr Kwek Leng Beng.
In addition, Mr Kelley will enhance CDL's management structures and systems towards greater productivity. "These plans are aligned with the Singapore government's productivity policies."
Mr Kelley started out in 1989 at Booz Allen (now known as Booz & Co), advising CEOs of major listed companies in the financial services, resources and healthcare industries. Prior to his CDL appointment, he served as head of real estate, Asia-Pacific at Apollo Global Management. From 2004 to 2008, he was the CEO of Colony Capital Asia.
In 2005, he led one of Asia's biggest buyouts when Colony acquired Raffles Holdings' entire hotel portfolio including the Singapore icon Raffles Hotel for about $1.72 billion.
Between 2002 and 2004, Mr Kelley was based in New York, where he was a principal at Colony with responsibility for the identification of US investment opportunities.
Mr Kelley was a director of Sentosa Development Corporation (March 2007 to February 2011) and of Sentosa Leisure Holdings (May 2007 to March 2009).
Like Mr Kwek Leng Beng, Mr Kelley has a law degree. In addition to Bachelor of Laws from University of Adelaide, he holds a Master's in International Relations from London School of Economics, and an MBA from Harvard Business School.
Mr Kwek has in recent years repeatedly said, when quizzed on succession planning at the group, that he is not averse to getting an outsider to run the company, though many experienced and capable family members are also involved with the group.
His elder son, Sherman, is CEO of CDL China. Mr Kwek Leng Joo's elder son, Eik Sheng, heads CDL's corporate development department.
Among the non-family members running the other listed vehicles in Hong Leong Group are Wong Hong Ren, who is CEO at London-listed M&C; Philip Ting, CEO at Hong Leong Asia; and Ian Macdonald, president of Hong Leong Finance. Mr Kwek Leng Beng is managing director and chairman at Hong Leong Finance.
CDL, at its last results briefing in August 2013, announced several new growth platforms to augment its domestic residential property development business, including steps to accelerate its overseas growth engine.
Besides stepping up its existing China business, it is looking to engage in residential projects in Central London.
Myanmar is another potential overseas market, starting with hotels. The group later announced the pruchase of multi-storey carpark in Knightsbridge for £80 million (S$158.7 million) with the intention of redeveloping it into a luxury residential project.
In its statement yesterday, CDL said that Mr Kwek Leng Joo, as deputy chairman, will focus on product innovation and continue to provide leadership on corporate social responsibility and sustainability initiatives as well as corporate governance matters. Under his leadership, CDL has become a green building champion and a forerunner in CSR. He is also an avid photographer.
Published January 17, 2014
CDL appoints Grant Kelley to newly created CEO post
Move is seen as a major step in succession planning at the group
By Kalpana Rashiwala [email protected]
CITY Developments Ltd (CDL) wants to accelerate its overseas growth engines and has appointed Grant Kelley, formerly from Apollo Global Management and Colony Capital, as its CEO. The move is seen as a major step in succession planning at the property and hotel group.
The chief executive post that the 49-year-old Australian will assume from Feb 17 is a newly created one at CDL, which last year marked its 50th anniversary.
The group's managing director, 60-year-old Kwek Leng Joo, will relinquish his current post to assume the role of deputy chairman, another newly minted post. His elder brother, Leng Beng, 72, remains executive chairman.
CDL is the last of the major listed companies in the Singapore Hong Leong Group - controlled by the Kwek family - to be run by an outside professional.
Mr Kelley, "with his wide expertise in finance and international real estate investment . . . will initiate new strategies and intensify CDL's diversification plans", said Mr Kwek Leng Beng in a statement.
"We need to be less Singapore-centric in light of limited opportunities domestically. These appointments will help strengthen and deepen the expertise of our management team as we shift gears and look outwards to capitalise on growth markets," he added.
Mr Kelley has more than two decades' global experience in corporate strategy, private equity and real estate investment in Australia, Hong Kong, Japan, Singapore, South Korea, the United Kingdom and the United States. He also has experience in the hospitality industry.
"Leveraging on Grant's experience at Colony, where he managed a wide portfolio of hotel assets, he will be in a unique position to help monitor the performance of Millennium & Copthorne Hotels (M&C) plc, a major subsidiary and revenue contributor to CDL," said Mr Kwek Leng Beng.
In addition, Mr Kelley will enhance CDL's management structures and systems towards greater productivity. "These plans are aligned with the Singapore government's productivity policies."
Mr Kelley started out in 1989 at Booz Allen (now known as Booz & Co), advising CEOs of major listed companies in the financial services, resources and healthcare industries. Prior to his CDL appointment, he served as head of real estate, Asia-Pacific at Apollo Global Management. From 2004 to 2008, he was the CEO of Colony Capital Asia.
In 2005, he led one of Asia's biggest buyouts when Colony acquired Raffles Holdings' entire hotel portfolio including the Singapore icon Raffles Hotel for about $1.72 billion.
Between 2002 and 2004, Mr Kelley was based in New York, where he was a principal at Colony with responsibility for the identification of US investment opportunities.
Mr Kelley was a director of Sentosa Development Corporation (March 2007 to February 2011) and of Sentosa Leisure Holdings (May 2007 to March 2009).
Like Mr Kwek Leng Beng, Mr Kelley has a law degree. In addition to Bachelor of Laws from University of Adelaide, he holds a Master's in International Relations from London School of Economics, and an MBA from Harvard Business School.
Mr Kwek has in recent years repeatedly said, when quizzed on succession planning at the group, that he is not averse to getting an outsider to run the company, though many experienced and capable family members are also involved with the group.
His elder son, Sherman, is CEO of CDL China. Mr Kwek Leng Joo's elder son, Eik Sheng, heads CDL's corporate development department.
Among the non-family members running the other listed vehicles in Hong Leong Group are Wong Hong Ren, who is CEO at London-listed M&C; Philip Ting, CEO at Hong Leong Asia; and Ian Macdonald, president of Hong Leong Finance. Mr Kwek Leng Beng is managing director and chairman at Hong Leong Finance.
CDL, at its last results briefing in August 2013, announced several new growth platforms to augment its domestic residential property development business, including steps to accelerate its overseas growth engine.
Besides stepping up its existing China business, it is looking to engage in residential projects in Central London.
Myanmar is another potential overseas market, starting with hotels. The group later announced the pruchase of multi-storey carpark in Knightsbridge for £80 million (S$158.7 million) with the intention of redeveloping it into a luxury residential project.
In its statement yesterday, CDL said that Mr Kwek Leng Joo, as deputy chairman, will focus on product innovation and continue to provide leadership on corporate social responsibility and sustainability initiatives as well as corporate governance matters. Under his leadership, CDL has become a green building champion and a forerunner in CSR. He is also an avid photographer.