He Cut His Pay To Preserve Jobs
President and CEO of CapitaLand Group, Mr Liew Mun Leong, named one of the 25 most powerful businesspeople in Asia by Fortune Magazine
Issue: May 2011
Mr Liew Mun Leong, President and CEO of CapitaLand Group earned deep respect from staff with his own paycut of 20 per cent during the crisis in 2008
When the global financial crisis hit in 2008, Mr Liew Mun Leong led CapitaLand through the tumultuous period by example and sacrifice. The President and CEO of CapitaLand Group cut his own pay by 20 per cent to preserve jobs in the company. The move earned Mr Liew the respect of his employees.
This is among the many significant contributions Mr Liew has done for the company. Since its inception, Mr Liew has skillfully steered CapitaLand through several financial and economic storms and helped the company emerge even stronger than before. Today, under Mr Liew's outstanding leadership, CapitaLand has been transformed from a Singapore real estate company into a 20-country property powerhouse. For this and more, he was recently named one of the 25 most powerful business people in Asia by Fortune Magazine, along with Asian business greats like Akio Toyoda of Toyota Motors, Ratan Tata of Tata Sons, and Ho Ching of Temasek Holdings.
This is the magazine's first ranking of Asia's most powerful people in business. The top Asian business leaders were sussed out by looking at the revenues, profits and growth of the region's most dynamic companies and assessing the roles that the top executives played in the corporations' success. The ranking also placed a strong emphasis on globalisation.
Mr Liew's achievements and efforts have been consistently recognised. In 2006, he was named Outstanding CEO of the Year in the Singapore Business Awards. In 2007, he was conferred the CEO of the Year award (for firms with market value of S$500 million or more) in The Business Times' Singapore Corporate Awards. The following year, Mr Liew was named Asia's Best Executive of 2008 (Singapore) by Asiamoney and Best CEO in Asia (Property) by Institutional Investor.