Keppel REIT Management Limited, the manager of Keppel REIT, said on Friday Paul Tham will step down as chief executive officer (CEO) on 20 October 2021 to pursue other opportunities.
Keppel REIT said the board is currently evaluating potential CEO candidates, and an announcement on the successor CEO will follow in due course.
Shirley Ng, Deputy CEO and Head of Investment, will assume the role of acting CEO, subject to regulatory approval, and will work closely with the board and management team on key strategic and operational issues during the leadership transition.
Penny Goh, Chairman of the manager, said, “On behalf of the Board, I would like to express our appreciation to Paul for his contributions to Keppel REIT. With strong support from Keppel Capital and Keppel Land, the management team, led by Paul has done well in executing Keppel REIT’s active portfolio optimisation strategy over the last few years. These efforts have put Keppel REIT in a stronger position to deliver sustainable total returns to Unitholders.
“We will be appointing a CEO to lead Keppel REIT on its next phase of growth. The board and management team will continue to work closely with Keppel Capital and Keppel Land to build a resilient portfolio that can deliver stable distributions and long term value to Unitholders.”
As at 30 June 2021, Keppel REIT’s assets under management stood at approximately $8.7 billion, assuming the divestment of 275 George Street in Brisbane, which was completed on 30 July 2021, had been completed before 30 June 2021.
Keppel REIT is sponsored by Keppel Land, and managed by Keppel REIT Management Limited, a wholly-owned subsidiary of Keppel Capital.