CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board of directors, with the appointment of Tan Choon Siang as CEO and current CEO Tony Tan taking on the role of Chief Corporate Officer at CapitaLand Development.
In an official filing to the stock exchange on March 17, the real estate investment trust revealed that Tan Choon Siang will take on the position of CEO and executive non-independent director of the company from May 1, 2025. He will also join the executive committee (EC).
At the same time, current CEO Tony Tan will step down from his role as executive non-independent director and member of the EC. He will assume the role of Chief Corporate Officer at CapitaLand Development. Tan has been serving as CEO and executive director for CICT since 2017.
Under Tan’s leadership, CICT successfully completed the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020, resulting in the creation of Singapore’s largest listed REIT with a market capitalization of $15.5 billion.
Tan Choon Siang brings with him a wealth of experience, having previously served as the manager of CapitaLand Malaysia Trust since 2022 and the chief financial officer of the manager of CapitaLand India Trust. He was also the former Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.
These changes to the board of directors are seen as a strategic move by CICT to strengthen its leadership team and drive continued growth and success for the company. The market has responded positively to the news, with CICT’s stock prices seeing a rise following the announcement.