CDL executive chairman Kwek Leng Beng moves to sack son Sherman as group CEO over attempted boardroom 'coup'

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CDL executive chairman Kwek Leng Beng moves to sack son Sherman as group CEO over attempted boardroom 'coup' - Channel News Asia

Quick Summary:

The family feud escalated into a legal battle after Mr Kwek sought his son Sherman Kwek’s removal as group CEO on Feb 8, citing his role in "a long series of missteps".

In his statement, the senior Kwek urged shareholders to support efforts to "restore strong governance" at CDL, warning that the current dispute risks damaging the company’s reputation and long-term stability.

At the start of the younger Kwek's tenure in January 2018, CDL's share price was around S$12.18.Shares closed at S$5.12 on Tuesday and a trading halt was called on Wednesday morning before markets opened. The last time CDL's share price went below S$5.12 was in February 2009, when it fell to S$4.68.