Change - Announcement of Appointment::Appointment of Chief Executive Officer - Designate

Issuer & Securities

Issuer/ Manager
CITY DEVELOPMENTS LIMITED
Securities
CITY DEVELOPMENTS LIMITED - SG1R89002252 - C09
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
11-Aug-2017 07:04:20
Status
New
Announcement Sub Title
Appointment of Chief Executive Officer - Designate
Announcement Reference
SG170811OTHR40L0
Submitted By (Co./ Ind. Name)
Enid Ling Peek Fong
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Appointment of Chief Executive Officer - Designate

Additional Details

Date Of Appointment
11/08/2017
Name Of Person
Sherman Kwek Eik Tse
Age
41
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
On 10 August 2017, Mr Grant Lewis Kelley informed the Board of his resignation as Chief Executive Officer ("CEO") of the Company with effect on 31 December 2017. Having put in place a succession plan to ensure continuity of leadership within the senior management team, the Board is unanimous in its support to promote Mr Sherman Kwek, currently the Deputy CEO, to be CEO-designate effective from 11 August 2017, until he takes over the full responsibilities of CEO on 1 January 2018.
Whether appointment is executive, and if so, the area of responsibility
Yes.
Mr Sherman Kwek will work alongside with Mr Grant L. Kelley as CEO-designate before assuming full responsibilities as the CEO of the Company from 1 January 2018. This is to allow for smooth continuity in the transfer of leadership over the next few months.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
CEO - designate
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Son of Mr Kwek Leng Beng (Executive Chairman) and nephew of Mr Kwek Leng Peck (Non-Executive Director)
Conflict of interests (including any competing business)
None
Working experience and occupation(s) during the past 10 years
11 April 2016 to Present
Deputy Chief Executive Officer, City Developments Limited ("CDL")
- Assisting the CEO of CDL in the oversight and management of the key operating divisions within the Group and provides operational leadership to drive the pursuit of the Group's strategic objectives in Singapore and the Group's overseas growth markets
- Leads the investment team to source for new investment opportunities, and spearheads the growth and development of the Group's international portfolio
- Designated as Executive Chairman of CDL China, has overall executive responsibility for the Group's investments and operations in the People's Republic of China

April 2014 - April 2016
Chief Investment Officer, CDL
- supported the CEO of CDL in the sourcing and execution of new investment opportunities with emphasis on overseas markets.

August 2010 - April 2016
CEO, CDL China Limited
- responsible for spearheading the CDL Group's expansion into the People's Republic of China. He will remain as Chairman of CDL China Limited.

November 2008 - March 2015
Chief Executive Officer, City e-Solutions Limited, a subsidiary of CDL which is listed on Hong Kong Stock Exchange

March 2006 - August 2010
Executive Vice President, HL Global Enterprises Limited ("HLGE")
Executive Director of HLGE from September 2007 to August 2010.
Non-executive Director of HLGE from August 2010 to April 2014.
- responsible for the overall management of the HLGE group's operations and investments.

2006 - 2008
Chief Operating Officer, Thakral Corporation Limited ("TCL")
- responsible for running the day-to-day operations of TCL. Despite operating under difficult industry conditions, he managed to successfully restructure the business.
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
Please refer to the attached Annexure A.
Present
Please refer to the attached Annexure A.
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of a listed company?
Yes
If Yes, Please provide details of prior experience
Not applicable

Attachments

Annexure_A-SK.pdf
Total size =221K