“A troubling aspect of the article is the claim that Dr. Wu’s “protégés still hold positions in the hotel business”. If true, any opportunity for CDLs CEO, Sherman Kwek, to streamline the hotel business would be a positive sign,” JP Morgan says.
In an update on City Developments, JP Morgan alluded to a Wall Street Journal report dated July 17. The report recounted the dispute earlier this year between CDL's chairman Kwek Leng Beng, CEO Sherman Kwek and the board of directors. During the dispute, it came to light that Catherine Wu, a Juilliard-trained pianist and former television host in her native Taiwan, was well-known to company executives for her close relationship with the chairman.
Senior executives had long bristled at what they saw as her interference in the hotel business, the WSJ report recounted.
