SINGAPORE – After months of tension and legal battles, the boardroom-family drama at City Developments Limited (CDL) seems to have finally subsided. In a statement released on behalf of the board, executive chairman Kwek Leng Beng announced the discontinuation of legal actions against a faction of directors led by his son, group CEO Sherman Kwek.
The board will now consist of four members – Kwek Leng Beng, Sherman Kwek, and two newly appointed independent directors, Jennifer Duong Young and Su Yen Wong. This marks a significant step towards rebuilding unity and stability within the company.
All four members have agreed to put aside their differences for the greater good of CDL and its stakeholders. They have also reaffirmed their commitment to strengthening CDL’s business in accordance with good corporate governance practices.
Their focus will be on completing the company’s landmark developments in Singapore and globally, expanding its brands under Millennium & Copthorne, continuing its capital recycling initiative, and ultimately maximizing shareholder value.
This resolution comes after months of turmoil, which included the resignation of director Dr. Catherine Wu and legal action taken against the company’s founder and chairman emeritus, Kwek Hong Png, by his cousin and former executive chairman, Kwek Leng Peck.
The saga had caused much concern among shareholders and stakeholders, but the latest move by the board shows a united front and a commitment to moving forward in a positive direction.
With the leadership team now in place, CDL is poised to continue its growth and contribute positively to the real estate industry in Singapore and beyond. The company’s future looks promising, and shareholders can expect to see continued success under the guidance of a restructured and united board.