Keppel Corporation, one of Singapore’s largest conglomerates, today announced the departure of the CEO of its property subsidiary, Keppel Land, with no permanent successor in place to run the developer of landmark projects across Singapore, mainland China, Vietnam and other Asian markets.
The S$11.5 billion ($8.5 billion) Keppel Corporation revealed the upcoming departure of its CEO, Ang Wee Gee, nearly four years after the 26-year company veteran took the helm of the developer. Ang will be staying on until December 31st of this year, with the company saying that the 55-year-old is leaving to pursue other interests.
Group CEO to Take Charge of Developer
“On behalf of the board of Keppel Land, I would like to thank Wee Gee for his valuable contributions to the company,” Keppel Corp CEO Loh Chin Hua said in a statement. “Wee Gee played an instrumental role in growing Keppel Land’s businesses overseas and developing Keppel Land into the multi-faceted property player that it is today, with a strong presence in many key cities in Asia. We wish Wee Gee success in his future endeavours.”
Loh Chin Hua, who is concurrently Chairman of Keppel Land, will assume the role of Executive Chairman of Keppel Land with effect from 1 January 2018. The company says that it is currently evaluating possible candidates to assume the role of CEO of Keppel Land.
“I have had the privilege of being in Keppel Land for more than 26 years, with the last five years as its CEO,” Ang Wee Gee said in the statement. “I thought this was a good time for me to step down to pursue other interests, confident that the strong management team that is now in place at Keppel Land can take the company to greater heights.”
Latest Change of Power at Keppel
Ang’s departure is the latest in a series of top management moves at Keppel property units this year after the government-linked firm cycled through a few top executives at its REIT management subsidiary earlier in 2017.
Keppel REIT Management, which manages the S$3.9 billion ($2.9 billion) Keppel REIT introduced Jesline Goh as its new CEO in January of this year, only to have Goh, who joined the trust manager from Perennial Real Estate, last just one month in the top executive role.
In March Keppel brought back company veteran Tan Swee Yiow to run its REIT. In April the trust then saw changeover in the chair role with long-serving director Dr Audrey Chin Wei-Li giving way to Penny Goh as leader of the board of directors.
Lim Appointed COO
In today’s announcement, in addition to declaring Ang Wee Gee’s departure, Keppel also revealed that the parent corporation’s Director of Group Strategy and Development, Louis Lim, would be stepping in as Chief Operating Officer of Keppel Land with effect from 1 January 2018.
Prior to joining the Keppel Group in 2016, the 45-year-old graduate of MIT was a partner with Bain & Company.
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