The manager of ESR-REIT has appointed Stefanie Yuen Thio as its independent chairperson.
Yuen Thio, who was previously an independent non-executive director in the manager, will take over the position from July 1.
Yuen Thio is the joint managing partner at TSMP Law Corporation.
She is also the spouse of senior counsel Thio Shen Yi, joint managing partner at the same firm.
Yuen Thio succeeds outgoing chairperson Ooi Eng Peng, who will be re-designated as non-executive director.
Ooi was chairperson of the manager for almost nine years previously.
He will also assume the new role of deputy chairperson to continue guiding the REIT on its growth strategies.
Ooi has served on the board of the REIT manager since July 27, 2012.
He was also on the board of Cambridge Industrial Trust Management prior to its acquisition by ESR Cayman Limited.
Ooi will also step down from his role as chairperson of the nominating and remuneration committee (NRC). He will, however, remain as a member of the NRC and the audit, risk management and compliance committee (ARCC).
Ooi will also stay in his position as chairperson of the executive committee.
Yuen Thio will continue her duties as a member of the ARCC.
Ronald Lim will be appointed as chairperson of NRC, succeeding Ooi.
“Over the years, Eng has contributed significantly to ESR-REIT as it grows from strength to strength. The manager has benefitted greatly from his guidance and will continue to do so from his invaluable counsel, guidance, network and expertise,” says Adrian Chui, CEO and executive director of the manager.
“As part of our ongoing succession planning, we are committed to ensuring a strong and diverse board membership. Stefanie has a highly accomplished career and diverse range of experience in real estate and capital markets, both local and regional. We look forward to having her steer ESR-REIT in the next phase of growth. With her wealth of experience, ESR-REIT will stand to gain from her expertise, network and strong business acumen as we continue to capture value opportunities and deliver long-term growth to our unitholders,” Chui adds.
As at 12.46pm, units in ESR-REIT are trading 1 cent higher or 2.4% up at 42 cents
