SINGAPORE (Aug 29): CapitaLand has appointed its current group chief investment officer (CIO), Lee Chee Koon, to succeed Lim Ming Yan as president and group CEO with effect from 15 Sept.

Since Lee joined CapitaLand in 2007, he has held several positions within the group including CEO of The Ascott Limted, CapitaLand’s wholly-owned serviced residence business.

The announcement comes after news of Lim’s notice of retirement, which was given in June.

In press release on Tuesday, the group recaps Lee’s contribution in leading Ascott’s recovery in profits, overseeing its “unprecedented expansion”, and significantly growing the unit’s revenues.

“Mr Lee brings brings a wealth of experience in operational strategy, corporate business development and a strong track record in developing partnerships,” notes CapitaLand.

Lim, who will continue to serve as a board director of the company until Dec 31, says he is working closely with CapitaLand’s board of directors as well as Lee to achieve a smooth transition of the succession.

“Chee Koon has proven himself to be a highly driven and capable leader with strong core values. I am delighted to be handing over the reins to an executive of his calibre. This new cohort of top leadership was primed and groomed for many years, and I am proud to see them rising to the challenge,” says Lim.

Lee’s appointment as CapitaLand’s new president & group CEO comes in conjunction with two other leadership succession announcements.

Group’s current group chief operating officer (COO), Jason Leow, has been appointed president (Asia & retail) of CapitaLand Limited. Lucas Loh, who is presently CEO of CapitaLand China, will be taking on the role of president (China & investment management) at CapitaLand Limited.

Leow and Loh’s appointments will also take effect from 15 Sept, with both reporting to Lee.

“After a very thorough and systematic review process, the board is pleased to put in place leaders with the best fit and capability to chart CapitaLand’s next phase of growth. Chee Koon, Jason and Lucas are key members of the management team and have been instrumental in developing and executing the group’s growth strategy. Led by Chee Koon, the team’s combined competencies and experiences will benefit CapitaLand greatly,” comments Ng Ke Choe, chairman of CapitaLand Limited.

Shares in CapitaLand closed 5 cents higher at $3.45 on Tuesday.