Boardroom battle among one of Singapore’s richest families sees adviser resign
Catherine Wu has resigned from her unpaid advisory role at the hotel unit of City Developments Limited (CDL), a major Singaporean real estate firm, amidst a family feud. The resignation follows accusations from CEO Sherman Kwek, son of Chairman Kwek Leng Beng, that Wu was overstepping her boundaries, sparking corporate governance concerns. Following the announcement, shares of CDL rose as much as 2.8 per cent in early trading Wednesday.
This move is the latest development in an escalating family dispute, with Chairman Kwek previously attempting to remove his son as CEO and accusing him of orchestrating a boardroom coup. The chairman stated that Wu's resignation removes the basis for the CEO's corporate governance allegations. The public boardroom battle has negatively impacted CDL, leading to a drop in its stock price and the loss of its position as Singapore's largest listed developer earlier this week.
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Catherine Wu has resigned from her unpaid advisory role at the hotel unit of City Developments Limited (CDL), a major Singaporean real estate firm, amidst a family feud. The resignation follows accusations from CEO Sherman Kwek, son of Chairman Kwek Leng Beng, that Wu was overstepping her boundaries, sparking corporate governance concerns. Following the announcement, shares of CDL rose as much as 2.8 per cent in early trading Wednesday.
This move is the latest development in an escalating family dispute, with Chairman Kwek previously attempting to remove his son as CEO and accusing him of orchestrating a boardroom coup. The chairman stated that Wu's resignation removes the basis for the CEO's corporate governance allegations. The public boardroom battle has negatively impacted CDL, leading to a drop in its stock price and the loss of its position as Singapore's largest listed developer earlier this week.
via SCMP Full Text Feed
