Kwek Leng Peck, the cousin of City Developments Limited’s (CDL) executive chairman, Kwek Leng Beng, has returned to CDL’s board.
Leng Peck will return as a non-independent non-executive director and vice chairman of the company officially on June 1.
Leng Peck, who first served as a CDL director for 33 years since 1987, famously resigned from its board in October 2020 after disagreeing with the group’s investment in Sincere Property Group.
He currently holds several roles within the Hong Leong group, including being the executive director of Hong Leong Investment Holdings, executive director of Hong Leong Corporation Holdings and executive director of Hong Realty (Private) Limited.
“We welcome Leng Peck to the board. His experience, perspectives and networks will enrich the board's collective expertise and support effective stewardship as CDL advances its strategic priorities," says Leng Beng.
"The board remains focused on disciplined execution and long-term value creation," he adds. "Leng Peck’s long-standing association and in-depth understanding of the group will complement the board’s capabilities. The insights Leng Peck brings to the board will be invaluable to our ongoing strategic review exercise as the company continues to refine its strategy, priorities and initiatives."
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"As such, the company expects to only unveil these outcomes in 3Q2026," Leng Beng continues.
On the same day, CDL announced the resignation of its independent non-executive director, Daniel Desbaillets. Desbaillets, who joined the board on Nov 11, 2020, will be stepping down on May 31.
Desbaillets, along with Ai Ai Wong, Carolina Chan and Philip Lee, had, with group CEO Sherman Kwek, bypassed CDL’s nomination committee when they rushed to appoint two new independent directors to the board: Wong Su Yen and Jennifer Duong Young.
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"I [would] also like to thank Daniel for his service to the company and wish him well in his future endeavours," says Leng Beng.
Shares in CDL closed 2 cents lower or 0.25% down at $7.84 on May 18.
