Jun 28, 2012
By Romesh Navaratnarajah
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 (RM2.5 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.
