In a surprising turn of events, shares of City Development Limited (CDL) surged more than 6% on Wednesday, July 16, following the announcement of Philip Yeo's retirement from the board.

After an impressive 16-year tenure, Yeo, who has been a non-independent non-executive director since May 2009, will officially exit on July 31. Earlier this year, he played a significant role in a boardroom clash, backing executive chairman Kwek Leng Beng against his son, CEO Sherman Kwek.

At 9:01 AM, CDL shares had already climbed 4.1% to S$5.80, peaking at S$5.95 by 9:41 AM, marking a 6.8% increase. Although the price dipped momentarily to S$5.88, it rebounded to trade at S$5.93, reflecting a 6.5% gain by 2:13 PM, with a staggering 7.2 million shares exchanged.

This announcement comes on the heels of CDL’s annual general meeting three months ago, where Yeo was vocal in opposing certain board members, decrying what he called 'bullying' by majority directors.

Yeo urged shareholders to reject the re-election of four directors, including new appointees Jennifer Young and Wong Su Yen and independent directors Daniel Desbaillets and Wong Ai Ai. His concerns centered on governance issues tied to the appointments of Young and Wong Su Yen not going through the nominating committee—a significant point in the ongoing Kwek family drama.

The board feud seemed to calm after a pivotal moment on March 4, when CDL announced the 'irrevocable resignation' of Catherine Wu, an independent adviser whose long-standing ties with Kwek Leng Beng contributed to the internal strife.

At 78, Yeo isn’t stepping away from the corporate world entirely; he continues to serve on the boards of 20 other companies, including IndoFood Agri Resources, QAF, and Sunway, showcasing his enduring influence in business.