CapitaLand Ascott: Bob Tan retires, Lui Chong Chee named new Chairman from April 22, 2024

Monday, March 11, 2024

CapitaLand Ascott Trust (CLAS) has made an announcement regarding the retirement of Mr. Bob Tan from his position as Chairman of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS). Mr. Lui Chong Chee, a Non-Executive Independent Director, will take over as Chairman on April 22, 2024, as part of CLAS’ Board renewal process.

Mr. Bob Tan has held the position of Chairman of the Managers of CLAS since 2016 and has chaired the Nominating and Remuneration Committee since its inception in 2021. He will step down from the Boards of CLAS following the forthcoming Annual General Meeting in April 2024[1]. During Mr. Tan’s tenure, CLAS solidified its standing as the largest lodging trust in Asia Pacific after merging with Ascendas Hospitality Trust in 2019[2]. This merger expanded CLAS’ investor base, providing the financial flexibility to pursue beneficial acquisitions and improve returns for Stapled Securityholders. Mr. Tan guided CLAS through the trials of the COVID-19 pandemic, reinforcing its stable income stream to enhance its resilience. Additionally, he oversaw CLAS’ entry into the student accommodation sector and the implementation of an active portfolio reconstitution strategy aimed at generating sustainable value for Stapled Securityholders.

CapitaLand Ascott Trust (CLAS) has made an announcement regarding the retirement of Mr. Bob Tan from his position as Chairman of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS). Mr. Lui Chong Chee, a Non-Executive Independent Director, will take over as Chairman on April 22, 2024, as part of CLAS’ Board renewal process.

Mr. Bob Tan has held the position of Chairman of the Managers of CLAS since 2016 and has chaired the Nominating and Remuneration Committee since its inception in 2021. He will step down from the Boards of CLAS following the forthcoming Annual General Meeting in April 2024[1]. During Mr. Tan’s tenure, CLAS solidified its standing as the largest lodging trust in Asia Pacific after merging with Ascendas Hospitality Trust in 2019[2]. This merger expanded CLAS’ investor base, providing the financial flexibility to pursue beneficial acquisitions and improve returns for Stapled Securityholders. Mr. Tan guided CLAS through the trials of the COVID-19 pandemic, reinforcing its stable income stream to enhance its resilience. Additionally, he oversaw CLAS’ entry into the student accommodation sector and the implementation of an active portfolio reconstitution strategy aimed at generating sustainable value for Stapled Securityholders.

Mr. Lui Chong Chee became a member of the CLAS Boards as a Non-Executive Independent Director on February 1, 2024. Alongside his role as Chairman of the Managers of CLAS, he will also assume the position of Chairman of the Nominating and Remuneration Committee. With a wealth of expertise in finance, lodging, management, and corporate leadership garnered from prominent listed companies in Singapore, Mr. Lui brings valuable insights to the organization. Notably, he previously served as a Director on the Board of the then Ascott Residence Trust Management Limited from June 2008 to May 2010.

Mr Lui Chong Chee said: “On behalf of the Boards and management, I would like to thank Bob for his invaluable contributions and insight. With his guidance, CLAS’ well-balanced portfolio today is strategically positioned for growth while remaining resilient against macroeconomic uncertainties. Harnessing the Boards’ collective depth and diversity of experience, I look forward to working with the CLAS management team and stakeholders as we strive to deliver long-term value to our Stapled Securityholders.”

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