Singapore Exchange (SGX)’s chairman Kwa Chong Seng will step down on Dec 31 as part of the board renewal process. Kwa was also the non-executive non-independent director of the board.
Kwa was appointed to SGX's board back in Sept 2012 and took on the chairman role in 2016.
Koh Boon Hwee, another Singapore Inc stalwart, will take over as the new chairman of SGX.
Koh, whose appointment to the role will be effective on Jan 1, 2023, is currently the chairman and general partner of Altara Ventures, a technology venture capital firm.
Koh is probably more adept than most in chairing big Singapore government-linked entities. He held the same role at the likes of Singapore Telecommunications, DBS Group Holdings and Singapore Airlines.
Ravi Menon, managing director of the Monetary Authority of Singapore, says Kwa has made outstanding contributions to SGX.
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"As chairman, he successfully led SGX Group to position itself as a multi-asset exchange and a leading and trusted market infrastructure in Asia.
"MAS welcomes SGX Group’s announcement of its leadership renewal and looks forward to working with its incoming Chairman, Mr Koh Boon Hwee, in the next phase of SGX Group’s development," says Menon.
Shares in SGX closed 5 cents higher or 0.51% up at $9.94 on Aug 17.
