THE sons of City Developments (CDL) executive chairman Kwek Leng Beng and deputy chairman Kwek Leng Joo have joined the property developer's senior management team.
Mr Kwek Leng Beng's son Sherman, 38, was named chief investment officer on Monday, the firm said in a Singapore Exchange filing yesterday.
It said he would help expand its overseas portfolio, accelerate its investment programmes and enhance the external wing of the business.
He will remain chief executive of CDL's China subsidiary, which he has helmed since August 2010.
Mr Kwek Leng Joo's son Eik Sheng, 32, was appointed chief strategy officer and will assist in investment analysis and formulation of CDL's business strategies. He joined CDL in January 2009.
The appointments follow a shake-up in CDL's top ranks in January, when it broke with tradition by picking a chief executive from outside the Kwek family.
It tapped Mr Grant Kelley, who previously headed Asia-Pacific real estate at private equity fund Apollo Global Management.
It also announced then that Mr Kwek Leng Joo would move from his post of managing director to become deputy chairman.
Mr Kwek Leng Beng told a results briefing in 2011 that he was "not averse personally to getting an outsider to come and run the company... if my relatives or my son cannot perform".
Mr Kelley said in a statement yesterday: "The business landscape domestically and globally is changing rapidly. The new appointments will address these major trends."
CDL shares closed eight cents up at $10.31 yesterday before the announcement.

THE sons of City Developments (CDL) executive chairman Kwek Leng Beng and deputy chairman Kwek Leng Joo have joined the property developer's senior management team.

Mr Kwek Leng Beng's son Sherman, 38, was named chief investment officer on Monday, the firm said in a Singapore Exchange filing yesterday.

It said he would help expand its overseas portfolio, accelerate its investment programmes and enhance the external wing of the business.

He will remain chief executive of CDL's China subsidiary, which he has helmed since August 2010.

Mr Kwek Leng Joo's son Eik Sheng, 32, was appointed chief strategy officer and will assist in investment analysis and formulation of CDL's business strategies. He joined CDL in January 2009.

The appointments follow a shake-up in CDL's top ranks in January, when it broke with tradition by picking a chief executive from outside the Kwek family.

It tapped Mr Grant Kelley, who previously headed Asia-Pacific real estate at private equity fund Apollo Global Management.

It also announced then that Mr Kwek Leng Joo would move from his post of managing director to become deputy chairman.

Mr Kwek Leng Beng told a results briefing in 2011 that he was "not averse personally to getting an outsider to come and run the company... if my relatives or my son cannot perform".

Mr Kelley said in a statement yesterday: "The business landscape domestically and globally is changing rapidly. The new appointments will address these major trends."

CDL shares closed eight cents up at $10.31 yesterday before the announcement.