Overview

• Philip Yeo will step down on July 31 after 16 years as a non-independent, non-executive director of City Developments Limited.
• The company’s bourse filing states there are no outstanding material disagreements among Yeo and his fellow directors.
• Yeo’s departure brings an end to a feud that involved a February lawsuit and his public criticism of new director appointments at the April AGM.
• Following his notice, CDL’s board will shrink from 11 to ten members, paving the way for renewed leadership dynamics.
• CDL shares surged 6.3% on July 16 to close at S$5.92, reflecting investor relief over the governance resolution.