CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board with the appointment of Tan Choon Siang as CEO and current CEO Tony Tan as CCO of CapitaLand Development. The appointment of Tan Choon Siang, who is currently the deputy CEO of the company, will take effect on May 1, 2025. He will also join the executive committee (EC) as an executive non-independent director.
Meanwhile, current CEO Tony Tan will step down as an executive non-independent director and member of the EC. He will instead take on the role of chief corporate officer at CapitaLand Development. Tan has been serving as CEO and executive director of CICT since 2017.
Tan is credited with leading the successful merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020, resulting in the creation of CICT, which is currently the largest listed REIT in Singapore with a market capitalization of $15.5 billion.
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As for the incoming CEO, Tan Choon Siang has been the manager of CapitaLand Malaysia Trust since 2022, and was previously the chief financial officer of the manager of CapitaLand India Trust. He also held the position of Head of Corporate Finance & Treasury at Ascendas-Singbridge, which was merged with CapitaLand in 2019.
These changes in the board are in line with the company’s strategy to continuously strengthen its management team and maintain its position as a leading real estate investment trust in Singapore. CICT also recently sold its property at 21 Collyer Quay for $688 million, demonstrating its commitment to unlock value for shareholders. With a strong and experienced leadership team, CICT is well positioned to continue delivering value for its stakeholders.