Indonesian integrated real estate developer Lippo Karawaci has beefed up its management team with the appointment of a new chief financial officer (CFO) and chief investment officer (CIO), joining chief executive officer John Riady at the helm.
Lippo announced Tuesday the appointment of Tevilyan Yudhistira Rusli, former chief auditor of Unilever’s global business, as CFO, and Surya Tatang as CIO. Tatang joined Lippo Karawaci in March 2019 as CFO.
Yudhis and Surya will report to Riady and serve the company’s board of directors from April 16, 2020. Yudhis will be responsible for the company’s finance and governance functions, while Surya will oversee Lippo’s real estate management / REITs businesses, corporate finance, and investments.
The latest appointments further strengthen the current management team with a focus on operational excellence, disciplined capital allocation, and corporate governance, the company said.
“We believe in building a talent-first organisation, and I am thrilled to be working closely with both Yudhis and Surya as we continue to build Lippo Karawaci into not only the largest but the most profitable real estate company in Indonesia, serving the Indonesian people,” Riady said.
Listed on the Indonesia Stock Exchange, Lippo Karawaci has a presence in 35 cities and is a leading property developer with 1,461 hectares of landbank ready for development.
It also has an ownership stake in two listed REITs in Singapore, namely First Real Estate Investment Trust and Lippo Malls Indonesia Retail Trust with $1 billion and $1.4 billion of assets under management, respectively, as of 30 September 2019.
In March 2019, Lippo Karawaci announced that it secured a $1-billion funding programme as part of a comprehensive strategic transformation plan to recapitalise the company, revamp its leadership team and re-focus its business on its three core competencies.
The company said the $1,010 million funding programme comprises of $730 million of proceeds from a rights issue underwritten by the Riady family and $280 million of proceeds from the completion of its asset divestment plans.