Business
Long-serving CDL director Philip Yeo to retire amid ongoing Kwek family boardroom rift
City Developments Limited veteran director Philip Yeo will step down on 31 July 2025, ending his 16-year tenure. His retirement follows a boardroom feud within the Kwek family, whose rift shook CDL’s leadership. Yeo had openly criticised CEO Sherman Kwek amid the family’s legal tussle earlier this year.
SINGAPORE: City Developments Limited (CDL) announced on 15 July 2025 that long-serving director Philip Yeo will retire from its board on 31 July 2025.
According to CDL’s bourse filing, Yeo’s departure comes after 16 years of service as a non-independent non-executive director.
CDL stated there were no unresolved differences in opinion on material matters between Yeo and the board.
His retirement follows a turbulent period for CDL, one of Singapore’s largest property firms.
A family feud within the billionaire Kwek clan has strained board relations.
In February, executive chairman Kwek Leng Beng accused his son, group CEO Sherman Kwek, of attempting a boardroom “coup”.
He filed a lawsuit alleging governance lapses after Sherman Kwek sought to appoint new independent directors without full board approval.
Philip Yeo supported Kwek Leng Beng during the dispute.
He publicly criticised Sherman Kwek, especially after Sherman named his father’s associate, Catherine Wu, as the conflict’s source.
Though the elder Kwek dropped the lawsuit two weeks later, tensions lingered. He said at the time that the board had agreed to put aside differences for CDL’s greater good.
During CDL’s annual general meeting in April, Yeo expressed disappointment with how certain board members had advanced new appointments.
He called these actions “totally improper”, as reported by Bloomberg.
Despite this, all five independent directors up for re-election were retained with strong shareholder support. Yeo’s retirement marks another shift for the Kwek family’s leadership at CDL.
