BOARD AND CEO CHANGES

Kuala Lumpur, December 29, 2023 -- The Board of Directors (the “Board”) of IGB REIT Management Sdn. Bhd. as the Manager of IGB REIT and IGB Commercial REIT (collectively, the “REITs”), announced today that Tan Sri Dato’ Prof. Lin See Yan will step down as Chairman and from the Board on 31 December 2023, having served on the Board since April 2012. Dato’ Seri Robert Tan Chung Meng will assume the helm of Non-Executive Chair of the Board, effective 1 January 2024.

Dato’ Seri Robert Tan was Managing Director (“MD”) of the Manager, a post in which he has served for 10 years before being redesignated to Non-Independent Non-Executive Director on 1 January 2023. As the former MD of the Manager, Dato’ Seri Robert Tan will leverage his experience and expertise to drive the REITs’ strategic plans forward and to continue creating long-term value for all unitholders of the REITs.

Mr Antony Patrick Barragry will retire from his Chief Executive Officer (“CEO”) role on 31 December 2023, having held that position since IGB REIT was listed in September 2012. Under his stewardship, the REITs have delivered resilient performance against challenging backdrop. Mr Barragry has distinguished himself as a judicious steward of the Manager and never flinched in the face of difficult decisions.

The Board has named Miss Elizabeth Tan Hui Ning, an Executive Director (“ED”) and Joint Deputy CEO (Retail) of the Manager, as interim CEO, effective 1 January 2024. With over 11 years of executive, operational and leadership experience in the REITs, the Board is confident Miss Elizabeth Tan has the right depth of experience, proven track record, and sense of urgency to be an impactful interim CEO as the REITs continue to work to improve the trajectory of the REITs’ businesses.

As previously announced on 1 November 2023, the Board would also like to welcome the 2 new independent directors, Datuk Lee Say Tshin and Mr Raymond Yeoh Cheng Seong. Both of them have diverse experiences and expertise in various business leadership roles with established companies and financial institutions.

Datuk Lee is an accomplished banker with over 46 years of financial services industry experience, where he held numerous roles in HSBC Bank Malaysia Berhad (“HSBC”), culminating in serving as MD of Strategic Business Development prior to his retirement in 2013. He is currently Vice Chairman, Strategic Initiatives for HSBC, and serves on the board of CJ Century Logistics Holdings Berhad and Padini Holdings Berhad.

Mr Raymond Yeoh Cheng Seong has had an illustrious career in the banking and securities industry across Malaysia, Hong Kong, London, Singapore, and New York, bringing with him over 40 years of experience where he held top executive roles, notably CEO/ED of Bank of America Malaysia Berhad, CEO/ED/Head of Global Markets (“HGM”) of Deutsche Bank Malaysia Berhad, HGM of ABN Amro Bank Malaysia Berhad, and General Manager of Hong Leong Bank Berhad. He also serves on the board of CIMB Investment Bank Berhad and Ayer Holdings Berhad.

In addition to the abovementioned changes, Mr Lee Chen Chong and Mr Tan Boon Lee, will also stand down as Directors on 31 December 2023.

The Board would like to extend their sincere thanks to Tan Sri Dato’ Prof. Lin, Mr Lee Chen Chong and Mr Tan Boon Lee for their input, insights, and contributions to the Manager over the years. The Board also deeply appreciates Mr Barragry for his extraordinary stewardship, as well as recognises the significant contributions he has made during his tenure as CEO. The Board wishes them the very best in the future.

The Board has engaged in thoughtful long-term succession planning, and today’s announcement demonstrates the strength of that process as well as depth of talent at the Board and management level to drive the REITs’ continued growth and success.

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