Shangri-La Asia has announced the retirement of chief executive Lim Beng Chee, as C-suite turnover continues at the hospitality firm controlled by the family of billionaire Robert Kuok.
Lim will step down from his roles as executive director and CEO and as a member of the executive committee of the board on 31 December, Shangri-La said in a filing with the Singapore Exchange. The 54-year-old Singaporean will be re-designated as a non-executive director of Shangri-La with effect from 1 January 2023.
The company is in the process of identifying a suitable candidate to fill the CEO vacancy. Shangri-La chairman Hui Kuok, the daughter of Malaysia’s richest man, will work with the group’s executive team to ensure business continuity in the interim.
“We are deeply grateful for Beng Chee’s vision, ambition and contribution to Shangri-La throughout his six years of tenure,” the company said Tuesday in a release. “Under his tremendous leadership, Beng Chee has helped establish a robust and resilient organisation to drive the transformation and growth of Shangri-La.”
Lim joined Shangri-La as a non-executive director in 2016 and was appointed to his current roles in 2017, when he also took his seat on the executive committee.
Before Shangri-La, Lim served as chief executive of CapitaMalls Asia Ltd, now known as CapitaLand Mall Asia Ltd, and was a non-executive director and member of the audit committee of Changi Airports International Pte Ltd.
As a non-executive director, Lim will be entitled to an annual director’s fee with effect from 1 January 2023, subject to approval by shareholders at the 2023 annual general meeting.
Lim’s retirement news comes after Shangri-La last month appointed Chua Chee Wui as its chief financial officer with effect from 31 August. Chua assumed the CFO role in addition to his concurrent role as chief investment officer of the hotel group.
The 55-year-old Chua’s appointment followed the resignation of Cindy Chow Sing Man from the CFO position, with Chow set to stay with Shangri-La through 31 December.
Trouble in Paradise
Shangri-La Asia reported a net loss of $158.2 million for the first half of 2022, marking two straight years of net losses since the COVID-19 pandemic upended the hospitality industry, the Business Times reported.
Consolidated revenue, however, rose by 15 percent year-on-year to $627.5 million in the same period as hotel business rebounded in key markets where travel curbs have eased, the company said.
Shangri-La Group owns, operates and manages more than 100 hotels and resorts in 78 destinations around the world, including 92 Shangri-La properties, three under Kerry Hotels, nine under the Jen brand and two Traders hotels.