CapitaLand Limited says its chairman, Ng Kee Choe, will retire at the conclusion of its next annual general meeting (AGM) scheduled for April 2021.
Ng will also retire in his capacity as director of CapitaLand.
Miguel Ko, who is currently the deputy chairman of CapitaLand, will succeed Ng as chairman upon the latter’s retirement.
“It has been a privilege and an honour to have served CapitaLand for more than ten years with the last eight as Board Chair. I have had the opportunity to work with so many dedicated, committed and wonderful Board members and staff. I will cherish this experience,” says Ng.
Ng first joined the board of CapitaLand in April 2010 and became chairman in May 2012.
Ko has been deputy chairman and a non-executive, non-independent director of CapitaLand since August 2019. He will serve as non-executive and non-independent chairman of the group.
On Ko’s appointment as non-independent chairman, the board has appointed one of its members, Chaly Mah Chee Keong, to serve as lead independent director.
During his tenure, Ng has made lasting contributions to the group including the laying of a “firm foundation” for the group to achieve sustainable and stable financial growth and performance while “entrenching sound corporate governance practices and embracing sustainability as a corporate value,” says the group in a Nov 3 statement via SGX.
Under Ng’s chairmanship, CapitaLand has undertaken numerous strategic initiatives including the recent $11 billion combination with Ascendas-Singbridge in 2019, which transformed CapitaLand from an Asia-focused to a global real estate player with a balanced portfolio.
Photo: Current deputy chairman of CapitaLand, Miguel Ko
Amongst Ko’s other roles, he is also the non-executive deputy chairman of CLA Real Estate Holdings and has assumed the role since Nov 1, 2020. Ko was CEO of CLA from June 2019 to Oct 31, 2020. Ko was also the founding group CEO of the former Ascendas-Singbridge until its combination with CapitaLand in 2019.
Prior to CapitaLand, Ko was chairman and president of Starwood Asia Pacific Hotels and Resorts.
“The strategic transformation journey of CapitaLand is well on its way. I am confident that under the stewardship of the Board to be led by Miguel and the management team headed by Chee Koon, CapitaLand will advance strongly, achieve more success and scale new heights of excellence,” says Ng.
On his appointment, Ko says that he is “deeply honoured to be appointed the next Chairman of CapitaLand, and would like to thank my fellow Directors for their vote of confidence”.
“It is a responsibility that I will strive to fulfill enthusiastically. I have had the opportunity to serve on the CapitaLand Board since August 2019 which has helped me to understand the company’s extensive business as well as its exciting opportunities and current challenges. Underpinned by an aligned vision and common values, I am confident that CapitaLand is well placed to emerge as a stronger company post Covid-19,” Ko adds.
“I also would like to thank Kee Choe, who has been integral to the significant advances CapitaLand has made in the last decade, for performing the chairmanship role so admirably.”
Lee Chee Koon, group CEO of CapitaLand says, “On the occasion of the announcement of Kee Choe’s retirement at the conclusion of CapitaLand’s AGM scheduled for April 2021, I would like to thank Kee Choe for the tremendous support and guidance that he has given me and Management. CapitaLand has achieved a lot under his leadership and I am deeply grateful to him for his wise counsel and invaluable contributions.”
“I am pleased to welcome Miguel as Chairman of the Board with effect from the conclusion of CapitaLand’s AGM next year. Having served on the CapitaLand Board since August 2019, Miguel has proven to be a positive addition to the Board, given his extensive global experience and leadership credentials. On behalf of the Management team, I look forward to working with Miguel and the Board as we support our customers, colleagues and communities through the current situation and as we execute our strategy to transform CapitaLand into a leading sustainable global real estate company,” he adds.
Shares in CapitaLand closed 6 cents higher or 2.4% up at $2.57 on Nov 3.