Long-time director Phillip Yeo to leave City Developments Limited amid boardroom dispute
Phillip Yeo, a non-independent and non-executive director at City Developments Limited, is set to retire on July 31 following a recent feud within the Kwek family, the company's controlling shareholders.
Long-time City Developments Limited director Philip Yeo is leaving the Singapore property giant’s board after a recent feud within the Kwek family, which controls the company.
Mr Yeo, a former top civil servant who has been on CDL’s board for 16 years, will retire on July 31, according to a stock exchange filing on July 15.
In February 2025, CDL’s chairman Kwek Leng Beng accused his son and CEO Sherman Kwek of orchestrating a boardroom coup, leading to a lawsuit that was later dropped in March.
Despite tensions, all five independent directors up for re-election were reappointed by shareholders in April.
CDL’s filing stated that there were no unresolved differences between Mr Yeo and the board on material matters.
After Mr Yeo's departure, the board will have 10 directors.
According to the source: The Straits Times.
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