When Gupta was appointed group CEO of DBS in 2009, he was the fifth CEO in 10 years. In the past 15 years, DBS’s net profit has ballooned from around $2 billion to $10 billion and the bank looks set to defend that figure. Based on Bloomberg, from Jan 2, 2010, to Dec 13, DBS has returned 212% in share price alone and delivered a total return of 493%, translating into a CAGR of 12%.
The year 2024 will be remembered for movements in the local banks’ senior management. After 15 years at the helm of DBS Group Holdings, group CEO Piyush Gupta announced he will retire in April 2025. Tan Su Shan, the current deputy CEO, will take over the CEO role in April next year.
At United Overseas Bank (SGX:U11
) (UOB), group CFO Lee Wai Fai will step down in April after 20 years and move on to other roles in the bank. The new group CFO-designate, Leong Yung Chee, will take over in April 2025. Some market watchers wonder if Ng Wei Wei, currently CEO of UOB Malaysia, may eventually be appointed to a role at UOB’s head office, given the bank’s ambitions outside the home market.
