Ooi Sang Kuang, the chairman of the board of Oversea-Chinese Banking Corporation (OCBC), has decided to retire from his position.
Ooi, who rose to the position on Feb 21, 2012, will step down effectively on Jan 31, 2023, after serving for more than nine years on the board.
During his nine-year tenure, Ooi saw OCBC completing a “landmark CEO transition” with the appointment of group CEO Helen Wong in 2021. Wong is the first female head of a Singapore bank.
In addition, he led the board in crafting OCBC’s strategic vision of creating a stronger Greater China platform.
Andrew Lee, who is already a member of the board, will become the new chairman of the board. Lee has been a member of OCBC’s board since Feb 18, 2022. He has over 30 years of consumer banking and insurance experience in Singapore and in Southeast Asia.
Lee joined OCBC in 1999 and held key executive and leadership appointments at the bank and at its insurance subsidiary, the Great Eastern Life Assurance Group.
See also: OCBC China appoints Seth Tan new head of corporate banking
Shares in OCBC closed 6 cents higher or 0.49% up at $12.37 on Dec 23.
