Posted on 19 June 2018 14:35
The ongoing boardroom-family feud at City Developments Limited (CDL) appears to have reached a resolution, with executive chairman Kwek Leng Beng announcing that legal actions initiated against his son and group CEO Sherman Kwek and a faction of board directors have been dropped.
In addition to Kwek Leng Beng and Sherman, two newly appointed independent directors, Jennifer Duong Young and Su Yen Wong, will remain on the board. The rest of the board has agreed to put their differences aside for the betterment of CDL and its stakeholders.
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“We will all continue to focus on strengthening CDL’s business, upholding good corporate governance, and maximizing shareholder value now and in the future,” reads a statement from Kwek Leng Beng on behalf of the board.
The resolution of this long-standing feud is a welcome turn of events for CDL, as it can now focus on its core business, including the completion of landmark developments in Singapore and globally, expanding its portfolio of brands under Millennium & Copthorne, and continuing its capital recycling efforts.
While the resignation of one independent director, Dr Catherine Wu, has been announced, the remaining board members are committed to working together towards CDL’s future success.