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Yeow clarifies, “personal reasons behind my departure”
SINGAPORE – Edwin Yeow, who is leaving the Banyan Tree group to set up a new hotel venture (TravelMole Asia, August 28, 2007), has reiterated that the reason for his departure after 16 years “is indeed driven by my wife’s health”.
Saying that the TravelMole Asia article had implied that his departure “is a sign of a meltdown after IPO”, he cited “my wife having gone through two cancer operations and my desire to form a new hospitality brand in the boutique space that has strong growth potential” as factors leading to his resignation from Banyan Tree.
He said that the group, following its public listing, was doing well. As also reported in TravelMole Asia (September 3, 2007), Banyan Tree reported a 55% increase in profit after taxation to S$23.9 million for the first half of 2007.
Revenues rose 23% to S$187.9 million, largely driven by its hotel operations.
In the last weeks, the group has also announced its expansion into Turkey and Jordan.
Yeow is now recruiting for a replacement to take over the marketing reins at Banyan Tree.
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