SINGAPORE: Mr Philip Yeo Liat Kok will step down as a director of City Developments Limited (CDL) on Jul 31, Channel News Asia (CNA) reported, citing the company’s bourse filing on Tuesday (Jul 15).
The 78-year-old non-independent non-executive director has been on CDL’s board since May 11, 2009.
In CDL’s filing, the board and management thanked Mr Yeo for his “distinguished service” and “valuable contributions” during his 16 years of service as director.
It also stated there were no unresolved differences in opinion on material matters between him and the board.
Mr Yeo’s retirement comes months after the property giant’s boardroom brawl in February. The dispute involved CDL’s executive chairman, Kwek Leng Beng, and his son, group CEO Sherman Kwek, after the older Mr Kwek filed a lawsuit accusing his son of attempting a boardroom “coup” by appointing two new directors without full board approval.
CNA reported that Mr Yeo backed the executive chairman during the dispute, criticising the younger Mr Kwek after he pointed to his father’s adviser, Dr Catherine Wu, as the source of the dispute.
The property giant’s boardroom dispute made its shares fall, and also prompted the Securities Investors Association (Singapore) (SIAS) to step in amid concerns over the company’s performance.
The older Mr Kwek later dropped the lawsuit, saying all board members had agreed to put aside their differences for the good of the company and its stakeholders.
However, disagreements didn’t appear to end there. During CDL’s annual general meeting in April, Mr Yeo said he was “very disappointed” with the way some directors pushed ahead with the new board appointments earlier in the year, calling their actions “totally improper,” according to Bloomberg.
CDL has not announced who will replace him.
As of 4:05 p.m. on July 16, CDL’s share price stood at S$5.89./TISG
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