Singapore's CapitaLand makes key management changes, appoints deputy CEO

SINGAPORE Wed Jan 2, 2013 7:16pm EST

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SINGAPORE Jan 3 (Reuters) - Southeast Asia's largest property developer, CapitaLand Ltd, overhauled its top management on Thursday as part of a reorganisation of its business units.

CapitaLand has now organised its businesses into four main areas - CapitaLand Singapore, CapitaLand China, CapitaMalls Asia and The Ascott Ltd. Lim Ming Yan will remain as CapitaLand's president and group chief executive officer.

With the reorganisation, current group chief investment officer Olivier Lim will now be the group deputy chief executive officer of CapitaLand.

"The changes will significantly simplify the organisational structure to provide greater clarity and sharper focus for CapitaLand," Group CEO Lim said in a statement.

Tan Seng Chai, currently the deputy chief corporate officer, will be appointed as group chief corporate officer while Arthur Lang will continue in his role as group chief financial officer.

CapitaLand Singapore, which comprises both the residential and commercial property businesses in Singapore, will be headed by Wen Khai Meng, who will relinquish his role as CEO of CapitaLand Financial Ltd. Wong Heang Fine, CEO, CapitaLand Residential Singapore will report to Wen.

(Reporting by Charmian Kok; Editing by Matt Driskill)

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