AFM CEO Tan Ser Ping to step down in March

Chia Nam Toon will succeed him.

The Board of Directors of Ascendas Funds Management (S) Limited (AFM), the manager of Ascendas Real Estate Investment Trust (A-REIT), has announced the retirement of Mr. Tan Ser Ping, AFM’s Chief Executive Officer (CEO) effective end of March 2016.

According to a release from A-REIT, Mr. Chia Nam Toon, who currently holds the appointments of Chief Financial Officer and Chief Corporate Officer of the Ascendas-Singbridge Group, will succeed Mr. Tan as AFM’s CEO with effect from 1 April 2016.

To facilitate a smooth transition, Mr. Tan will take on the role of Advisor to the AFM Board for a term of 12 months from his retirement as CEO.

Here's more from AFM:

AFM’s Chairman Mr. Koh Soo Keong said: “The Board is deeply appreciative of Ser Ping’s contributions in leading the growth of A-REIT as Singapore’s first and largest listed business space and industrial real estate investment trust, with S$9.4B of assets as of 31 December 2015.

The strength of AFM’s management team is also attributable to Ser Ping’s leadership through the various milestones of AREIT’s expansion. We thank Ser Ping for his excellent stewardship for over 11 years and wish him all the best. We are pleased that we can continue to have the benefit of Ser Ping’s experience and strategic insights in his capacity as Advisor to the AFM Board.”

On Mr. Chia’s appointment, Mr. Koh said: “We are very pleased to welcome Nam Toon as AFM’s new CEO. Nam Toon has strong strategic business and financial expertise acquired over many years in senior leadership positions.

He has made significant contributions to the achievements of the Ascendas Group over the past 10 years, as its Group Chief Financial Officer. We look forward to working closely with Nam Toon in taking A-REIT to its next phase of growth.”