CDL shares jump 6.3% after Philip Yeo steps down from board

Shares of City Developments Limited (CDL) jumped nearly 7 per cent on July 16, a day after the company announced that long-serving director Philip Yeo was stepping down from the board.

- Sue-Ann Tan

CDL shares surged as much 6.8 per cent to $5.95 at 3.20pm on July 16, before closing 6.3 per cent higher at $5.92.

The company announced on July 15 that Mr Yeo, a former top civil servant, will retire as a non-independent and non-executive director after 16 years on the board. His last day at CDL will be July 31.

Mr Yeo became embroiled in a family feud over CDL earlier in 2025, backing executive chairman Kwek Leng Beng in his boardroom battle against son Sherman Kwek, the company's chief executive.

In February, the chairman, Mr Yeo and two independent CDL directors filed court papers to address an alleged "attempted coup" by the CEO and other board members. The lawsuit was intended to stop Mr Sherman Kwek and majority directors of CDL from implementing a number of board resolutions.

In a surprise twist on March 12, the older Mr Kwek announced he had decided to drop the lawsuit, but tensions remained.