Property developer CapitaLand has appointed Peter Seah as its new deputy chairman from January 2009. Mr Seah has been a non-executive director with CapitaLand since 2001. He is also appointed to chair the company board’s finance and budget committee.
Mr Seah takes over from the incumbent Hsuan Owyang, who has been with the company since its inception, following the merger of Pidemco Land and DBS Land. Prior to the merger, Mr Owyang was the chairman of DBS Land.
During his time at CapitaLand, Mr Owyang held a number of key appointments, including chairman of the finance and budget committee, member of the executive resource and compensation committee, and member of the nominating committee.
Mr Owyang has been credited with transforming CapitaLand from a Singapore-centric developer to a multinational real estate company, with businesses in 120 cities in over 20 countries.
Paying tribute to Mr Owyang, Liew Mun Leong, president and CEO of CapitaLand Group, said Mr Owyang’s insight and knowledge of China has been especially valuable in guiding the group’s expansion in the country.
The company also gained much from his vast experience in the financial sector, which benefited CapitaLand’s real estate investment trusts – CapitaMall Trust and CapitaRetail China Trust.
Mr Owyang said he has been planning his retirement for some time and plans to move to the United States to be with his family and to pursue other interests.
Looking ahead, he noted that the future for the company would be fraught with challenges, but he is confident that the management will be able to steer it through difficult times.
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