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City Developments CEO stepping down to join Vicinity

Australian mall landlord Vicinity Centres named Grant Kelley as its new CEO and managing director, effective upon the Dec. 31 retirement of Angus McNaughton.

Kelley has been the CEO of Singapore-based City Developments Ltd. since 2014. In its statement, City Developments said Vicinity's offer to Kelley "is timely as he intends to return home to Australia for personal reasons."

Deputy CEO Sherman Kwek was named CEO-designate at City Developments, effective Aug. 11, until he takes over the position Jan. 1, 2018. Kwek has been deputy CEO at the company since April 2016 and is the son of City Developments Executive Chairman Kwek Leng Beng.

Vicinity, meanwhile, said in a statement that Kelley will visit Australia in the forthcoming months to meet with its executive team and start familiarizing himself with the business.