SINGAPORE: The President and Group CEO of CapitaLand Group Lim Ming Yan has given notice to the Board that he plans to retire on Dec 31, 2018.
In a media release on Friday (Jun 1), CapitaLand said the Board has accepted Mr Lim's notice of retirement. He will remain President and Group CEO until his retirement takes effect.
A successor has not been named, but CapitaLand said the new appointment will be announced when it has been made.
CapitaLand said the firm enjoyed continuous growth in its annual after-tax profits during Mr Lim's six-year term as President and Group CEO.
The group's after-tax profit grew from S$849.8 million in FY 2013 to S$1.55 billion in FY 2017, the highest since FY 2008.
"CapitaLand’s resilient financial performance has enabled the Group to deliver a return on equity of 8.5 per cent for FY 2017, largely attributable to Mr Lim’s strong push to adopt an active portfolio reconstitution strategy," the release said .
The group also acknowledged Mr Lim's role in transforming the company in the face of technological disruption.
“On behalf of the Board, I thank Ming Yan for his many years of dedicated service and contributions to the CapitaLand Group. I wish him every success in his future endeavours,” said Mr Ng Kee Choe, Chairman of CapitaLand Limited.
“I have had the honour and the privilege of working with so many talented and dedicated colleagues at CapitaLand. Together we have accomplished a lot. CapitaLand is well positioned for the next phase of growth and I am committed to working closely with the Board through this transition phase,” said Mr Lim.