CapitaLand realigns organisational structure to sharpen focus on key markets
Group will be simplified into four main business units - CapitaLand Singapore, CapitaLand China, CapitaMalls Asia and The Ascott Limited
Singapore, 3 January 2013 – CapitaLand Limited (CapitaLand) today announced that it will realign and simplify the Group’s organisational structure to sharpen its focus on key markets and further accelerate its growth potential.
The Group will be realigned into four main businesses – CapitaLand Singapore, CapitaLand China, CapitaMalls Asia (CMA) and The Ascott Limited (Ascott). Under the simplified organisational structure, the Group’s businesses in Singapore and China excluding that of CMA and Ascott, will be consolidated into CapitaLand Singapore and CapitaLand China respectively. CMA and Ascott will be the other two main business units and they will operate across all geographies that CapitaLand is in.
With the realignment, key appointment changes will also be made. Mr Olivier Lim will be appointed Group Deputy CEO of CapitaLand Limited. He will be responsible for the Group’s investments in Australand, Surbana Corporation, and StorHub, as well as the overseas markets of Vietnam, Japan, India, United Kingdom and Gulf Cooperation Council. He will also oversee CapitaLand Financial Limited’s business which includes fund management.
Mr Olivier Lim will relinquish his current appointment as Group Chief Investment Officer but will continue to be Chairman of Australand Property Group.
Mr Tan Seng Chai, currently the Deputy Chief Corporate Officer, will be appointed as Group Chief Corporate Officer while Mr Arthur Lang will continue in his role as Group Chief Financial Officer.
Mr Chong Lit Cheong will be appointed CEO, Regional Investments and will relinquish his current role as CEO, CapitaLand Commercial Limited.
Mr Chen Lian Pang will be appointed as CEO, CapitaLand Vietnam and relinquish his role as CEO, CapitaValue Homes. Both Mr Chong Lit Cheong and Mr Chen Lian Pang will report to Mr Olivier Lim.
CapitaLand Singapore, which comprises both the residential and commercial property businesses in Singapore, will be helmed by Mr Wen Khai Meng. He will relinquish his role as CEO, CapitaLand Financial Limited. Mr Wong Heang Fine, CEO, CapitaLand Residential Singapore and Ms Margaret Goh, CEO, Special Projects will both report to Mr Wen.
CapitaLand China will be helmed by Mr Jason Leow who will continue as CEO, CapitaLand China Holdings.
CMA and Ascott will continue to be led by Mr Lim Beng Chee and Mr Chong Kee Hiong respectively.
Mr Olivier Lim, Mr Tan Seng Chai, Mr Arthur Lang, Mr Wen Khai Meng, Mr Jason Leow, Mr Lim Beng Chee and Mr Chong Kee Hiong will form the top management bench at CapitaLand Group led by its President & Group CEO Mr Lim Ming Yan.
CapitaLand will operate as an integrated platform under the new structure. The organisational changes will enable the Group to further leverage its resources and allow CapitaLand to be more nimble when responding to market dynamics. The organisational realignment and appointment changes will take place with immediate effect.
Mr Lim Ming Yan, President and Group CEO of CapitaLand Limited, said: “CapitaLand has achieved impressive results over the past 12 years. The Group’s annual net profits were in excess of S$1 billion for the past six consecutive years. However, market dynamics have changed and for us to stay ahead of the competition, we must be nimble enough to respond faster to opportunities that can propel us to greater achievements. This realignment is a necessary step for us to take.”
“The changes will significantly simplify the organisational structure to provide greater clarity and sharper focus for CapitaLand. This simplified structure will allow us to leverage and optimise our resources to enhance efficiency, economies of scale and shareholder returns.”
Mr Lim added: “The objective of the change is to enhance CapitaLand’s competitiveness. If there are overlaps in business functions, employees will be provided with alternative job options and the necessary training.”