Smooth transition expected at CDL following CEO’s resignation

CDL CEO Mr Grant Kelley.

Grant L. Kelley, the CEO of Singapore’s second-largest developer CDL, has resigned after serving more than 3.5 years, citing personal reasons. The announcement was made during CDL’s results briefing last Friday (11 August).

Kelley intends to return to Australia to become the new CEO at ASX-listed Vicinity Centres, a real estate investment trust company based in Melbourne.

He was credited for helping to accelerate CDL’s diversification strategy launched in 2014. The group has since invested about $3.5 billion in overseas markets and raised more than $3.5 billion in funds under management.

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Meanwhile, deputy CEO Sherman Kwek has been promoted to CEO-designate of the company effective 11 August. He will work alongside Kelley, who will remain at CDL until 31 December, before assuming full responsibilities from 1 January 2018.

Kwek, 41, is the elder son of CDL’s executive chairman Kwek Leng Beng. He was previously the group’s chief investment officer and oversaw its China business.

He has experience in the areas of investments, mergers and acquisitions, real estate and hospitality, and has worked in New York, Hong Kong, Shanghai and Singapore.

“Given the succession plan in place with Mr Kwek appointed deputy CEO since April 2016, we expect a smooth transition with continuity of management strategy,” Credit Suisse said in a note.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg