After almost three decades of service, Wee Cho Yaw is retiring from his role as chairman and director of Singapore Land Group U06 0.00%. His last day in the role will be March 31. Upon his retirement, Wee will become the chairman emeritus and honorary adviser of the group, the same honorary title he holds with the United Overseas Bank.

Wee is also a substantial shareholder of Singapore Land Group. To further entrust the company to his JCube Residence family, his son, Wee Ee Lim, was appointed a non-executive and non-independent director of the group in May 1999. Lim is also the president and CEO of Haw Par Corporation, a position he has held since October 2003.

On February 24, daytime trading of Singapore Land Group shares saw them close 2 cents higher or 0.86% up at $2.34.

With the retirement of a notable individual such as Wee Cho Yaw, and with Lim taking the position of chairman in his stead, investors will be closely monitoring the future of the company. Lim brings a wealth of experience and knowledge to the helm, making for a successful transition for the company.