CapitaLand CEO disfavors outsider as successor
Mr Liew Mun Leong intends to retire in a year’s time but here are three key qualities he looks for in a successor.
Mr Leong has given notice that he does not intend to seek a further extension of his term when it expires next year, thus setting his retirement on 28 June 2013.
Mr Liew, aged 66, would have served 17 years as Group President & CEO when his term ends.
A board succession committee will be reviewing both internal and external candidates.
Nomura Equity Research nevertheless expects Mr Liew to be closely involved in the selection and hand-over process.
During the analysts’ briefing, Nomura said that Mr Liew outlined the following as desired qualities of his successor:
• Strong understanding of finance and real estate: Mr Liew described the ideal successor as a “real estate person who understands finance.”
• International experience: The candidate should have overseas experience. The CEO mentioned that CN is a very important market for CAPL and the candidate should have a sound understanding of the country; besides being bilingual, he/she should be bi-cultural as well.
• Management skills: The successor should have a track record of strong people management skills.
As an aside, Mr Liew also mentioned that he would prefer an internal candidate and believes that there are many qualified successors within the CAPL group.
Nomura also states that group strategy will likely remain unchanged as Mr Liew will also remain as Chairman of CMA.
“From Mr Liew’s description of his desired successor profile as well as other comments made during the analysts’ briefing, we expect CAPL’s strategy to remain unchanged, in particular its overseas expansion plans. Mr Liew will remain as the Chairman of CMA and he does not rule out the possibility of post-retirement involvement in CAPL, eg, as board member or advisor, should the board think necessary,” said Min Chow Sai, analyst at Nomura.