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Philip Yeo Liat Kok, the committed non-independent and non-executive director at City Developments, has announced his resignation from the company. His departure will come into effect on July 31.
Yeo, who is 78 years old and formerly a high-ranking government official, was initially appointed to the board in May 2009. He played a significant role in the company, particularly in supporting executive chairman Kwek Leng Beng during the board’s recent disputes.
According to CDL’s filing to the stock exchange, “The board and management would like to express their immense gratitude for Mr Yeo’s 16 years of outstanding service and his invaluable contributions during his tenure as a director.”
CDL has announced that it will undertake an off-market purchase of preference shares, with an offer of 78 cents per share. This news first surfaced on https://www.theedgesingapore.com/news/cdl-saga/philip-yeo-step-down-cdl-director, an online publication that focuses on business news and updates related to the CDL company.