SINGAPORE - KEPPEL Corp announced on Wednesday that its senior executive director Teo Soon Hoe will be retiring on Sunday, June 1.
Mr Teo, 65, will also step down as chairman of Keppel Telecommunications & Transportation (Keppel T&T) and non-independent director at the trustee-manager of Keppel Infrastructure Trust.
However, he will continue to represent Keppel Corp as its nominee director on the boards of the Tianjin Eco-city companies, and k1 Ventures.
Also, Keppel Land and Keppel T&T have appointed him as senior advisor to their boards.
Mr Teo will also continue to represent Keppel T&T as its nominee director on the board of M1.
Keppel Corp chief executive Loh Chin Hua, who is a non-independent director of Keppel T&T, will take over as chairman of Keppel T&T from Sunday.
Mr Chan Hon Chew, chief financial officer of Keppel Corp, will also on that day be appointed to the board of Keppel T&T. Dr Ong Tiong Guan, chief executive of Keppel Infrastructure Holdings, will take Mr Teo's place as a non-independent director of the trustee-manager of Keppel Infrastructure Trust.
Mr Teo began his career with the Keppel Group in 1975 when he joined Keppel Shipyard. He rose through the ranks and was seconded to various subsidiaries of the Keppel Group.
Dr Lee Boon Yang, Keppel Corp chairman, said: "On behalf of the board of Keppel Corp and companies in the group, I would like to express our deepest gratitude and appreciation to Soon Hoe for his forty years of dedicated service."
He added in a statement that Mr Teo "has been a hallmark of financial prudence and discipline in every appointment he held over the past four decades with Keppel".
Mr Teo's business acumen and focus on execution excellence have helped to build a strong foundation for Keppel, Dr Lee added.