City Developments Limited (CDL) announced on Tuesday, 15 July, that Mr Philip Yeo will be stepping down as a director of the company effective 31 July. Mr Yeo, 78, has served on CDL’s board for 16 years as a non-independent, non-executive director.
According to the company’s filing with the Singapore Exchange, Mr Yeo’s retirement comes without any unresolved differences in opinion on material matters between him and the board.
His notice of retirement follows a turbulent period at CDL, marked by an internal dispute earlier this year between Executive Chairman Kwek Leng Beng and his son, Group CEO Sherman Kwek. The conflict reached a head in February when the elder Mr Kwek accused his son of attempting a boardroom coup and initiated legal action over alleged governance lapses. This came after Sherman Kwek had moved to appoint new independent directors without full board consent.
Mr Yeo had aligned himself with Mr Kwek Sr during the controversy, publicly criticising the younger Mr Kwek and taking issue with his handling of the matter. He also expressed disapproval after Sherman Kwek identified Dr Catherine Wu, an associate of Mr Kwek Sr, as a central figure in the disagreement.
Although the lawsuit was withdrawn within two weeks of its filing—with all board members reportedly agreeing to reconcile in the interest of the company and its stakeholders—the aftermath of the episode continued to reverberate within the boardroom.
At CDL’s annual general meeting in April, Mr Yeo voiced strong dissatisfaction over the way certain board members had proceeded with director appointments earlier in the year, describing the actions as “totally improper”, according to Bloomberg.
City Developments shares closed down 0.2 per cent at S$5.57 (US$4.33) ahead of the announcement.
-CNA
