Cambridge – BT
Cambridge Reit says CEO quit, names replacement
SINGAPORE – Cambridge Industrial Trust, which owns 43 warehouses and factories in Singapore, said on Thursday that chief executive Ang Poh Seong had quit with immediate effect and that he will be replaced by Chris Calvert.
Mr Ang’s departure was not related to any differences of opinion with its board of directors, the firm said in a statement to the stock exchange, but it did not say why he was leaving.
Mr Calvert, 38, is an Australian citizen who was previously CEO of a firm called Blaxland Funds (Asia).
Cambridge Reit shares fell 2.4 per cent on Thursday and have lost more than 60 per cent of their value in the last three months as the Singapore economy slipped into recession. — REUTERS