Lim Chee Onn Steps Down from Keppel's Board

The Board of Directors of Keppel Corporation has announced that Mr. Lim Chee Onn will step down as non-executive Chairman and Director of the Company with effect from June 30, 2009. Dr. Lee Boon Yang will succeed Mr. Lim Chee Onn as non-executive Chairman with effect from July 1, 2009.

Mr. Lim will, however, continue to play a role in the Group as Senior Advisor in order that the Group may benefit from his continued guidance and support.

The Board had, on December 22, 2008, announced that Mr. Lim Chee Onn would relinquish his role as Chief Executive Officer of the Company but would continue as non-executive Chairman of the Board. The Board had then considered it important that the Company should continue to benefit from Mr. Lim's business network and relationships for a period of time so as to ensure a smooth transition in the executive leadership.

Mr. Tony Chew, Lead Independent Director, said, "On behalf of the Board and Management, we would like to extend our deep gratitude and appreciation to Mr. Lim Chee Onn for his invaluable contributions to the Keppel Group during the transition period and over the last 25 years of dedicated service when he was part of the executive management of the Group."

On the appointment of Dr. Lee Boon Yang, Mr. Lim Chee Onn said, "Keppel is very privileged that Boon Yang has agreed to accept the appointments as Director and Chairman of the Company. We shall benefit immensely from his vast experience and expertise acquired during his years of service in both the public and private sectors."

Dr. Lee Boon Yang said, "I thank the Keppel Board for appointing me as Director and Chairman. I shall do my utmost to further Keppel's extensive business interest in the global market and to enhance shareholder value. I also thank Mr. Lim Chee Onn for staying on as Senior Advisor to Keppel. Since assuming the Chairmanship in 2000, Mr. Lim has forged a strong foundation for Keppel and led the Group into many sustainable and profitable businesses. Keppel will benefit from his extensive business network and experience. The Board and Management also wish Mr. Lim every success in his future endeavours."

Mr. Choo Chiau Beng, Chief Executive Officer, Keppel Corporation, said, "Mr. Lim Chee Onn’s service and contributions to the Keppel Group are immeasurable and deeply appreciated. His support, advice and strong strategic relationships, both in the political and business arenas, will continue to bring to bear in the Group.

"The Board and Management look forward to Dr. Lee's counsel and guidance as we work and navigate through this storm to enhance shareholder value."


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