SINGAPORE (THE BUSINESS TIMES) – Ho Bee Land has named Nicholas Chua as its new chief executive and executive director with effect from January next year.
His father Chua Thian Poh, Ho Bee Land’s founder and current chairman and CEO, will be redesignated executive chairman, the real estate developer announced on Tuesday (Nov 9).
Mr Nicholas Chua is currently the deputy CEO of the group.
As CEO, he will implement the group’s overall strategies and policies set by the board, as well as manage the group’s development and investment portfolio, the statement said.
Ho Bee Land lead independent director Bobby Chin said that Mr Nicholas Chua has performed well in his capacity as deputy CEO.
As deputy CEO, he spearheaded the group’s expansion into Australia and China, as well as grew its investment portfolio in Europe and Britain, the group said. Mr Nicholas Chua joined Ho Bee Land in 2002 and was promoted to deputy CEO in 2018.
“The board has reviewed the recommendation of the nominating committee and believes that he is ready to assume the CEO position and take on additional responsibilities as part of the group’s leadership succession planning,” Mr Chin added.
Mr Chua Thian Poh, as executive chairman, will chart the group’s growth strategies. He will also work with both the board and management to strengthen Ho Bee’s environmental, social, and governance framework to ensure the group’s business continues to be socially responsible.
Ho Bee Land also announced the retirement of Desmond Woon as executive director. Mr Woon will be appointed as a senior adviser to the company.
He joined the company in 1987 and was appointed executive director in 1995. He currently directs and oversees the group’s corporate governance, finance, accounting, tax, legal, risk management and investor relations.
Mr Chua Thian Poh said: “I would like to thank Desmond for his professionalism and dedication in assisting me to grow the company during the past 34 years.”
Shares of mainboard-listed Ho Bee Land were trading two cents, or 0.7 per cent, higher at $2.85 as at 2.06pm, after the announcement.