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Case Study

CDL's boardroom battles: Succession in the Kwek family empire

By Marleen Dieleman and Thi Phuong Thao Pham

27 pages

April 2026

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Reference: IMD-2756

City Developments Limited (CDL), one of Singapore’s largest listed property developers, had been a cornerstone of the Kwek family business empire in Singapore since 1972. With an enterprise value of S$19.5 billion (US$15.1 billion) in January 2026, CDL operated across 168 locations in 29 countries. The company’s success was rooted in the vision of Kwek Leng Beng, who helped acquire CDL in 1972 and had served as executive chairman since 1995. In 2018 Kwek Leng Beng’s son, Sherman Kwek, was appointed CEO. However, CDL experienced financial setbacks when its property business in China faltered in 2020, leading to the erosion of its balance sheet and the departure of several board members. In early 2025 CDL was thrust into the spotlight again due to a high-profile family feud between Kwek Leng Beng, then aged 84, and his son, Sherman Kwek, over allegations of a boardroom coup, followed by public criticism over alleged governance lapses in CDL. Could CDL’s Kwek family overcome this latest episode of family drama?

Learning Objective

Explore the interplay between family dynamics and corporate governance in publicly listed family businesses
Reflect on the role of incumbent leaders and next generation leaders in family firms, and how succession intersects with corporate governance
Analyze the role of independent directors in maintaining governance standards
Reflect on what constitutes good governance in a listed family business context

Keywords

Corporate Governance, Family Business, Strategy, Board, Agency, Succession

Settings

Asia, Singapore
City Developments Limited, Services, Real Estate
Up to 2026

Type

Published Sources

Available Languages

English

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Teaching note

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CDL’s boardroom battles: Succession in the Kwek family empire

By Marleen Dieleman and Thi Phuong Thao Pham
Case reference: IMD-2756 ©2026

Summary

Reference IMD-2756

Organization City Developments Limited

Industry Services, Real Estate

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Corporate Governance

Family Business

Strategy

Browse all topics

Are you scaling, or just burning cash?

By I by IMD
in I by IMD Brain Circuits 9 April 2026

Summary

Are you scaling or just burning cash? Learn how to validate demand, use data, forecast growth, and focus your strategy to build a sustainable, profitable business.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Innovation

Strategy

Browse all topics