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SINGAPORE – Dr. Lee Boon Yang will retire as a non-executive chairman and director of Keppel Corp on April 23, after nearly 12 years at the helm.
He will be succeeded by Danny Teoh, current chairman of Keppel’s audit committee and a member of its board’s compensation and risk committees, the board announced Wednesday (February 24).
Dr. Lee, 73, has been Keppel’s president since 2009, after retiring from politics. He has overseen the board through ups and downs in the international business environment, including the sharp slowdown in the maritime and offshore sector beginning in 2015 and, more recently, the Covid-19 pandemic.
Under his supervision, Keppel has undergone a significant transformation as it prepared for the future and unveiled its long-term strategy to grow as an integrated company providing solutions for sustainable urbanization, called Vision 2030.
Mr. Teoh, 65, was appointed to Keppel’s board of directors on October 1, 2010. Previously, he was a managing partner at professional services firm KPMG in Singapore, where he spent 27 years in their local and overseas office.
He is a Chartered Accountant and is also Chairman of the telecommunications company M1, owned by Keppel and Singapore Press Holdings (SPH).
Keppel CEO and CEO Loh Chin Hua said: “Boon Yang has been a pillar of strength for Keppel and was instrumental in driving the company’s strategic direction for the past 12 years.
“I would like to express my deep appreciation to Boon Yang for his strong support and wise advice, which helped Keppel stay resilient and grow bigger and bigger.”
Dr. Lee is also president of SPH, which publishes The Straits Times, and was Minister of Information, Communications and the Arts before retiring from politics in 2009. He also held the defense and manpower portfolios during his 24 years at the politic charge.
During his tenure, Keppel stepped up his contributions to the community and launched his philanthropic arm in 2012. The Keppel Care Foundation has disbursed more than $ 47 million since its establishment, in support of education, environmental conservation and care for the underprivileged. , among other causes.
“It has been a great honor and privilege to serve Keppel for the past 12 years. It has also been an immensely exciting journey,” said Dr. Lee, who was a veterinarian and research and development officer in the now-defunct Department of Primary Production. of the government. before entering politics.
Mr. Teoh said, “On behalf of the board and management, I would like to thank Boon Yang for his strong leadership and invaluable contributions to Keppel, and for laying a solid foundation for the next phase of growth for the company.
“I am honored to be named chairman of the board, and I look forward to working closely with the board and management to continue growing the company as we pursue Vision 2030.”
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