The Board and Management of Keppel Corporation Limited (Keppel Corp) has announced the Group's holistic succession plan in charting its next lap of growth.
On 1 January 2014, Mr Choo Chiau Beng, 65, CEO of Keppel Corp, will be succeeded by CFO Mr Loh Chin Hua. At Keppel Offshore & Marine Ltd (Keppel O&M), Mr Tong Chong Heong, 66, will be succeeded by COO Mr Chow Yew Yuen as CEO with effect from 1 February 2014.
Mr Choo and Mr Tong will be appointed as Senior Advisors to the respective Boards of Keppel Corp, and Keppel O&M and Keppel Infrastructure, thereafter. The Company will make an announcement on the appointment of the new CFO for Keppel Corp at an appropriate time.
Dr Lee Boon Yang, Chairman of Keppel Corp said, "The Board has worked over several years with Chiau Beng and his senior management team on succession planning. Today's announcement is the fruition of robust and systematic efforts to ensure that people with the right calibre are in place to grow Keppel from strength to strength.
"Keppel is 45 this year. Chiau Beng and Chong Heong have contributed towards Keppel's growth for 42 years and 43 years respectively. On behalf of the Board, I would like to thank Chiau Beng for his sterling leadership and invaluable contributions to the Keppel Group. We are deeply appreciative of his acceptance of the Senior Advisor role to help ensure a smooth handover and provide continued counsel from his wellspring of expertise, experience and networks.
"Together with Chiau Beng, Chong Heong has unstintingly put Keppel in the forefront of the offshore and marine business. We are pleased that he too would take on the role of Senior Advisor to the Boards of Keppel O&M and Keppel Infrastructure.
"On behalf of the Board, I would like to welcome both Chin Hua and YY Chow in their new positions and look forward to working closely with them to advance Keppel's interests."
On the new appointments, Mr Choo Chiau Beng, CEO of Keppel Corp said, "When I assumed the position of CEO in 2009, my top priority was to make Keppel leaner and stronger. Building a sound succession of talents and leaders was a cornerstone of my team's strategy to take Keppel to the next level of growth.
"Chin Hua and YY Chow were identified and groomed, and I am glad that they have risen to the challenge. They have proven themselves to be highly capable and astute leaders with strong Keppel core values, vision and passion.
"Chin Hua has been with the Group for almost 11 years. In his current role as CFO, he has demonstrated strong management and commercial capabilities, and is undoubtably able to add value to the Group's businesses.
"YY Chow has grown up in Keppel, with 32 years of service. He has been instrumental in building up Keppel O&M's global reputation and leadership position, particularly in the Americas. His long posting in USA has equipped him with valuable insights and networks in the oil and gas industry. Chong Heong and I are confident that he will be able to lead Keppel O&M to stay competitive and achieve continued success.
"The Group will benefit greatly from the diversity of their collective expertise, experiences and personal attributes. The management and I are confident that we have placed Keppel in good hands. With the support of their colleagues and teams, this new cohort of Keppel leaders will continue to create sustainable value for our shareholders, and shape the future of our Group."