Sembcorp Names New CEO as Part of Succession Plan
Sembcorp Industries, based in Singapore, will have a new leader after Group President and CEO Tang Kin Fei retires next year.
Under Sembcorp’s succession plan, which the company has had ongoing discussions about for years, Kin Fei will retire March 31, 2017 – after 30 years with Sembcorp – and will be succeeded by Neil McGregor, beginning April 1, 2017.
Kin Fei has held the position of Group President and CEO since 2005, and will remain as advisor and as a non-executive director on the Sembcorp board until May 31, 2017.
His successor previously served as CEO of Singapore LNG Corporation and Managing Director of YTL PowerSeraya. McGregor currently holds the position of senior managing director and head of energy and resources at Temasek International.
“With today’s volatile economic environment and changing market dynamics in our industry sectors, we believe we have selected a strong leader for Sembcorp. [McGregor] is not new to Sembcorp. As a member of the board since 2014, he understands Sembcorp and our different businesses well,” Ang Kong Hua, chairman of Sembcorp Industries, said in a press statement. “He comes with deep expertise in the energy and infrastructure sectors as well as strong international operating experience. With [McGregor’s] proven leadership abilities and track record of execution, the board has every confidence that he will be able to lead Sembcorp into our next stage of development and growth.”
Kin Fei has yet to make any firm plans after his retirement, a Sembcorp spokesperson told Rigzone, but he hopes to spend more time with family and remain active in other capacities for as long as he can contribute.
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