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CMT Management CEO Pua Seck
Guan resigns
Posted by luxuryasiahome on September 18, 2008
CAPITAMALL Trust Management Ltd (CMTML), manager of CapitaMall
Trust (CMT), has announced the resignation of Pua Seck Guan as
CEO, director and member of the executive committee.
Mr Pua, who has been with CapitaLand for eight years, will also
step down from his position as CEO of CapitaLand Retail Ltd.
When contacted, Mr Pua said that he had resigned to ‘pursue
personal interests’. He added: ‘I have always aspired to own my
own business.’ However, Mr Pua also said other options had been
made available to him and he had not ‘nailed-down’ these yet.
Before joining CapitaLand, Mr Pua held senior positions with
Lend Lease Asia Holdings and Hotel Properties Ltd.
In a statement released yesterday, CapitaLand president and CEO
Liew Mun Leong paid tribute to Mr Pua. He also revealed that Mr
Pua had intended to leave earlier. Mr Liew said: ‘Seck Guan had
intended to pursue his own personal interests last year. However
I convinced him to stay and complete certain projects.’
Incidentally, former CapitaCommercial Trust CEO David Tan also
resigned about one year ago.
Mr Pua revealed that he had considered starting his own business
almost three years ago.
Mr Pua is one of CapitaLand’s top executives. According to
CapitaLand’s latest annual report, there are three executives (who
are not directors of CapitaLand) who earn between $2 million and
$3 million, and four who earn more than $3 million in total
compensation (which includes salary, annual wage supplement,
bonus and other benefits in kind) annually.
CapitaLand said that the present deputy CEO of CapitaLand Retail
Ltd, Lim Beng Chee, will assume the CEO positions of both the
retail business and CMTML with effect from Nov 1.
Mr Lim, who is presently CEO of CapitaRetail China Trust
Management Ltd, will relinquish his post to deputy CEO Wee Hui
Kan, with effect from Oct 1.
Mr Pua will, however, stay on until the end of October to effect
a smooth transition.
Mr Lim started his real estate career in DBS Land as an
executive for property fund and investment. After DBS Land’s
merger with Pidemco Land to form CapitaLand, he held various
senior positions in investment, asset management and business
development.
Mr Wee joined DBS Land in 1994 and has 11 years of experience in
China covering various roles in investment, asset management and
real estate financial services.
CapitaLand’s retail business unit is said to be the largest in
Asia with more than 115 malls under management. CMT is the first
Reit listed on the Singapore Exchange in July 2002. It is also
the largest Reit by asset size and market capitalisation here.
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