Shangri-La Asia, which has a secondary listing on the Singapore Exchange (SGX), announced that its CEO and executive director, Lim Beng Chee, intends to retire and will step down from his roles on Dec 31.
Lim will also step down from his role as a member of the executive committee of the board.
Following his retirement, Lim will be re-designated as a non-executive director of the company with effect from Jan 1, 2023. As a non-executive director, Lim will be entitled to an annual director’s fee with effect from Jan 1, 2023, to be approved by the shareholders of the company in the 2023 annual general meeting.
Lim is a Singaporean who joined the company as a non-executive director on Sept 26, 2016. He was subsequently re-designed as executive director and appointed as the company’s CEO on Jan 1, 2017. He has also been a member of the executive committee since Jan 1, 2017.
Prior to his role at Shangri-La Asia, Lim was CEO of CapitaMalls Asia (now known as CapitaLand Mall Asia). He was also a non-executive director and member of the audit committee of Changi Airports International Pte Limited.
Shangri-La Asia has expressed its “sincere gratitude” to Lim for his “immense contributions” to the company during his six-year tenure in office. It adds that it looks forward to his continued support in his role as a non-executive director.
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The company is in the process of identifying a suitable candidate to fill the vacancy of CEO.
Shares in Shangri-La Asia closed flat at HK$6.02 ($1.08) on Sept 20.
