CapitaLand chief to retire in one year

CapitaLand President and Chief Executive Officer Liew Mun Leong will retire in a year’s time when he turns 67, South-east Asia’s biggest listed developer said yesterday.

Mr Liew became chief executive of CapitaLand in 2000 after the company was created through the merger of Government-owned Pidemco Land and DBS Land. CapitaLand said a board succession committee would review the internal and external candidates to succeed him when he retires on June 28 next year.

An external headhunter has been appointed to find a successor and one is likely to be named within three to six months, Mr Liew said at a news conference.

“This is in line with the group’s succession planning process. Retirement has never been on my agenda. I will not be retiring from work but from the group as president and CEO,” he said.

Unlike the heads of many Government-linked firms, Mr Liew is outspoken and last month created a stir in Singapore when he described the increasingly popular shoebox-sized apartments as “almost inhuman”.

His planned departure comes amid management changes. In the past year, the developer named a new chief financial officer and swapped jobs of senior managers, including the head of its serviced apartments unit.

Source : Today : 23 Jun 2012

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