LUI Chong Chee will replace Bob Tan as chairman of CapitaLand Ascott Trust’s (Clas) boards starting from Apr 22, the managers said on Monday (Mar 11).

Tan, who has served as chairman of the managers since 2016, is stepping down as part of Clas’ board renewal process.

He served as a non-executive independent director at the real estate investment trust’s (Reit) manager, CapitaLand Ascott Trust Management, for nine years and held the same role at the CapitaLand Ascott Business Trust Management, the trustee manager, since Dec 30, 2019.

Listing rules prevent board directors from being considered independent if they have served for a continuous period of nine years.

Tan will retire at the staple group’s annual general meeting in April 2024, where he will also step down from his role as the nominating and remuneration committee chairman for both the Reit manager and trustee-manager.

Clas’ managers credited Tan for leading the stapled group through the Covid-19 pandemic and its merger with Ascendas Hospitality Trust in 2019. Tan also oversaw Clas’ entry into the student accommodation sector and led the execution of its active portfolio reconstitution strategy.

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Lui, who joined Clas’ boards as a non-executive independent director on Feb 1, 2024, will take over Tan’s roles as board chairman and chairman of the nominating and remuneration committees.

He was most recently chairman of CapitaLand Malaysia Reit Management, the manager of CapitaLand Malaysia Trust, from Jun 1, 2021, to Jan 31, 2024.

Previously, he was the group chief financial officer (CFO) of Raffles Medical Group from 2011 to 2014 and the managing director and chief executive of Far East Orchard from 2014 to 2019.

He held senior management positions in CapitaLand Group from 2001 to 2010, including group CFO of CapitaLand, CEO of CapitaLand Residential and CEO of CapitaLand Financial.