OUE sets succession plan, with Riady to become CEO

The OUE Bayfront building in Signapore’s central business district. Credit: Shenton WireThe OUE Bayfront building in Signapore’s central business district. Credit: Shenton Wire

OUE has set its succession plan, with Executive Chairman Stephen Riady to also become CEO at the start of 2020 as current CEO Thio Gim Hock will step down at year-end after 11 years in the role, the property developer said in a filing to SGX Monday.

Riady has been executive director since 2006, OUE said, adding he has “deep knowledge” of the business.

In addition, Brian Riady, who is Stephen Riady’s son, will be promoted from his current role as CEO of the hospitality division to deputy CEO, effective 1 January, OUE said.

The younger Riady will assist his father in overseeing the business operations, setting strategic direction and executing strategies, OUE said.

OUE said it also appointed Chen Yi Chung Isaac as chief operating officer, effective Monday. Chen will be responsible for implementing operations in the property development, leasing, retail, residential and hospitality segments, OUE said.

Previously, Chen was the acting CEO of OUE Hospitality REIT Management, prior to the merger of OUE Commercial REIT and OUE Hospitality Trust, the company said.

OUE said it was in the process of finding candidates for the role of chief financial officer.

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