Philip Yeo Retires from CDL Board After Boardroom Battle
Philip Yeo, who supported CDL's executive chairman in a recent boardroom dispute, is stepping down after 16 years on the board. His retirement follows a contentious AGM where he criticized governance lapses and rallied against majority directors. Despite a public truce within the family, Yeo's departure marks a significant change in CDL's leadership.
City Developments Ltd (CDL) announced the retirement of Philip Yeo, who supported executive chairman Kwek Leng Beng in a boardroom battle against his son, CEO Sherman Kwek, in early 2025.
Yeo served on the board for 16 years and has retired as a non-independent non-executive director of CDL, as per the property group's bourse filing on Tuesday (Jul 15).
His departure follows the AGM where he opposed the re-election of four directors, citing governance lapses. Yeo's criticism of majority directors received applause from shareholders, highlighting ongoing divisions despite the family's reconciliation.
The family feud eased after Catherine Wu's resignation, leading to a public truce. Kwek Leng Beng dropped the lawsuit against Sherman Kwek, emphasizing unity for CDL's benefit.
Despite the AGM's majority support for new directors, Yeo will exit CDL's board but continue serving on other company boards.
Shares of CDL closed down 0.2% before the announcement.
According to the source: The Business Times.
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