The tumultuous boardroom-family feud at City Developments has seemingly come to an end, as executive chairman Kwek Leng Beng has decided to withdraw legal actions against a faction of board directors led by his son and group CEO Sherman Kwek. 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.
“All board members have agreed to put aside their differences for the greater good of CDL and its stakeholders. We remain committed to strengthening CDL’s business with a focus on good corporate governance, completing our landmark developments in Singapore and globally, expanding our brands under Millennium & Copthorne, continuing our capital recycling efforts, and, above all, maximizing shareholder value,” said Kwek Leng Beng in a statement on behalf of the board.
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As part of the resolution, Dr. Catherine Wu has resigned from her position as an independent director, with Kwek Leng Beng stating that she can no longer make allegations of corporate governance and justify the boardroom coup. This move signals an end to the public rift between Kwek Leng Beng and Dr. Wu, who had been at odds over the direction of the company.
Moving forward, the board is committed to working together towards the success of CDL, ensuring good corporate governance practices, and maximizing shareholder value. The company will also continue with its plans to complete its ongoing projects, expand its brands, and undertake capital recycling initiatives. With this resolution, CDL can now focus on its business goals and continue to deliver value to its stakeholders.