Executive moves: City Developments appoints Kwek Eik Sheng as chief operating officer

City Developments' Central Mall with conservation shophouses. Credit: City Developments City Developments' Central Mall with conservation shophouses. Credit: City Developments

Singapore executive changes: City Developments.

City Developments tapped Kwek Eik Sheng, age 40, to become group chief operating officer, a newly created position, effective 1 January 2022, the property group said in a filing to SGX Tuesday.

“The GCOO will help drive the group’s overall performance, including providing leadership to the operational and administrative functions while ensuring an efficient reporting structure and effective internal controls system,” City Developments said.

Kwek Eik Sheng will work closely with the group CEO, the filing said.

From April 2014 to the present, Kwek Eik Sheng has been City Developments’ group chief strategy officer, and from November 2019 to the present, has been the executive director of Millennium & Copthorne Hotels, the filing said. He holds 35,461 City Developments ordinary shares and 50,000 preference shares, the filing said.

Kwek Eik Sheng is the nephew of Kwek Leng Beng, executive chairman of City Developments, and the cousin of Sherman Kwek Eik Tse, executive director and group CEO of the company, the filing said.

Re-designating Yeo Liat Kok Philip

In addition, City Developments said Yeo Liat Kok Philip, age 75, has been re-designated from an independent non-executive director to a non-independent non-executive director, effective 1 January 2022.

As Yeo has served on the board for more than nine years, he will cease to be considered independent as of 1 January, City Developments said.

“Notwithstanding the company’s earlier announcement of Mr. Yeo’s intention to step down from the board before 31 December 2021, the nominating committee, upon further consideration, had recommended, with Mr. Yeo abstaining from the recommendation, that Mr. Yeo remains on the board to maintain a balance of experienced and new independent directors on the board,” City Developments said.

Appointing Wong Ai Ai to the board

City Developments also appointed Wong Ai Ai, age 58, as independent non-executive director, effective 1 January 2022. From 1996 to the present, she has been an advocate and solicitor at Baker McKenzie, the filing said. She is also a director at Singapore Tourism Board and PSA International, the filing said.

Wong is a founding steering committee member of Climate Governance Singapore, a World Economic Forum-led initiative to educate non-executive directors on opportunities and challenges related to climate change, the filing said.