Richard Hu, Chairman and independent Non-executive Director at CapitaLand, will retire on 30 April and will be succeeded by Ng Kee Choe, who has been an independent Non-Executive Director of the firm since 16 April 2010.
Also retiring on the same date are fellow independent Non-Executive Directors Fu Yuning and Richard Hale.
Hu, a former Singapore finance minister, will also vacate his post as chairman and member of the firm's Investment Committee, announced CapitaLand. Ng, who is also a member of the property giant's various committees, will take over his post.
Ng carries his vast experience in major companies to this new post, including his tenure as chairman of Singapore Power Ltd, Tanah Merah Country Club, NTUC Income Insurance Co-Operative Limited and SP Ausnet.
Liew Mun Leong, President and CEO of CapitaLand group, said, "On behalf of the board members and management, I would like to thank Dr Hu for his strong leadership at the board providing vision, stewardship and oversight for the last eight years. As chairman since April 2004, he successfully steered the group to consistently deliver good results, even amidst very difficult market conditions."
On the other hand, Liew also commended Hale and Fu, who "played a crucial role in guiding the group to becoming one of the largest real estate firms in Asia today".
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