http://www.straitstimes.com/breaking...amily-20140116
The weak property market in Singapore has prompted one of Singapore's biggest property developers to make changes to its top management.
Property giant City Developments (CDL) said on Thursday that Mr Kwek Leng Joo, its managing director, will move to the post of deputy chairman.
The mainboard-listed firm also for the first time appointed a new chief executive officer who is not related to the Kwek family - Mr Grant Kelley, who was previously with a private equity fund.
Both of these appointments will take effect on Feb 17.
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SINGAPORE: Property group City Developments (CDL) has made changes to its senior management structure.
In a media statement, CDL said the move is to deepen its expertise base as it looks outwards for growth opportunities.
CDL's managing director Kwek Leng Joo will assume the role of deputy chairman and relinquish his current position, while industry veteran Grant L Kelley will be appointed as chief executive officer.
The changes will take effect from 17 February 2014.
Mr Kelly, 49, has more than 20 years of experience in corporate strategy, private equity and real estate investment in Asia, the United Kingdom and the United States.
Before this appointment, Mr Kelley was head of real estate, Asia Pacific at Apollo Global Management.
From 2004 to 2008, he was the CEO of Colony Capital Asia where he led the S$1.72 billion buyout of Raffles Holdings' entire hotel portfolio, including Raffles Hotel.
Mr Kelley was also a director of Sentosa Development Corporation from March 2007 to February 2011 and served as a director of Sentosa Leisure Holdings from May 2007 to March 2009.
CDL executive chairman Kwek Leng Beng said in a statement that Mr Grant will initiate new strategies and intensify the company's diversification plans.
He said: "We need to change and evolve as an organisation. 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."
Meanwhile, Kwek Leng Joo, 60, will now focus on product innovation and spearhead the company's corporate social responsibility and sustainability initiatives.
- CNA/ms
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Originally Posted by jackkel
