Over the past few years Keppel Corporation Board has put in place a succession plan for senior management in the Group. In line with this succession plan, the following key executive moves will take place with effect from January 1, 2009.
Keppel Corporation's Executive Chairman, Lim Chee Onn, will relinquish his role as Chief Executive Officer of Keppel Corporation. He will continue to serve as non-executive Chairman of Keppel Corporation Board. In this role, in addition to ensuring effective operation of the Board, he will oversee the Group's thrust in sustainable development initiatives. He will continue to contribute his efforts to expand and strengthen Keppel's geographical footprint in China, Vietnam, India and the Middle East.
Choo Chiau Beng will assume the role of Chief Executive Officer, Keppel Corporation and relinquish his position as Chief Executive Officer, Keppel Offshore and Marine (KOM). He will continue to serve as non-executive Chairman KOM.
Choo, a Naval Architect, joined Keppel in 1971. He progressed through the ranks and was appointed the Executive Director of Keppel Corporation in 1983. He is responsible for the growth of KOM which is now a leading company in the global offshore and marine industry.
Teo Soon Hoe will retain his scope of responsibilities as Senior Executive Director and Group Finance Director.
Tong Chong Heong, currently Managing Director and Chief Operating Officer, KOM, will be appointed Chief Executive Officer, KOM.
The Board of Keppel would like to record their warmest appreciation of Mr Lim's significant contributions to the success of Keppel since his appointment in the company in 1983. Mr Lim held various key positions in the company before he assumed the position of Executive Chairman in Jan 2000. Under Mr Lim's leadership, Keppel produced excellent results and stellar returns to the shareholders, including crossing the $1 billion profit mark in 2007. Mr Lim also initiated the Sustainable Development and Living business which led to the Tianjin Eco-city development and other mega environmental engineering projects in the Middle East.
Tony Chew, Lead Independent Director, said "Chiau Beng has been with Keppel for over 35 years. With an excellent track record in KOM, the Board is confident that he would be leading the Keppel team into the next phase of growth."
Choo Chiau Beng said "Chee Onn has been my Chairman and CEO for the last 9 years. He has strong relationships with Government and industry leaders in Asia and the Middle East. The Board and I will continue to tap on Chee Onn's strengths to further our Group's interest."
Lim Chee Onn said, "Given the prevailing volatile financial and economic conditions and the uncertain operating environment, we must continue to prepare ourselves for a totally different economic and business landscape. We shall ensure that Keppel is well placed to seize opportunities that will arise from the current global economic crisis. I am confident that Chiau Beng will succeed in sustaining the Group's continued efforts to further grow our competencies, increase our competitiveness, seize business opportunities and penetrate new markets in order to deliver long term stakeholder value."