Keppel Corp’s non-executive chairman Dr Lee Boon Yang will retire from the company with April 23 2021, right after its upcoming annual general meeting.
Danny Teoh, currently chairman of Keppel Corp’s audit committee, will succeed Dr Lee, a former long-serving minister.
Dr Lee, who held this position since July 2009, led Keppel through the big oil boom which lifted its earnings, but also the subsequent woes when lower oil prices caused demand for its offshore and marine business to drop.
Dr Lee calls Keppel is a flagship Singapore company with a celebrated international profile, whose development and progress mirrored the growth of modern Singapore for more than five decades.
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“We enjoyed many years of great success but also suffered some setbacks,” he says. “Inspired by a deeply embedded Can-Do spirit, Keppel has always emerged stronger and fitter from adversity. I am confident that Danny, with his sharp business acumen and deep expertise in governance, finance and risk management, will provide effective leadership to the Board and management as the Group continues its growth and transformation.”
“Boon Yang has been a pillar of strength for Keppel and was pivotal in driving the Company’s strategic direction over the past 12 years. I would like to express my deep appreciation to Boon Yang for his strong support and wise counsel, which helped Keppel to remain resilient and grow from strength to strength,” says CEO Loh Chin Hua.
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In coming chairman Teoh, who used to work 27 years at KPMG, joined Keppel’s board in 2010. He is also chairman of M1, one of Keppel’s subsidiary companies.
