SINGAPORE - After almost nine years as chairman of NTUC FairPrice, Mr Ng Ser Miang stepped down from his position on Thursday at the group's annual general meeting.
Current board member Bobby Chin was subsequently elected as his successor, said FairPrice in a statement.
Under Mr Ng, who was appointed chairman of the board in September 2005, FairPrice's revenue doubled from $1.4 billion in the 2005-2006 financial year to $2.8 billion in 2012-2013. The number of FairPrice stores also grew from 163 to 281, comprising 120 supermarkets and hypermarkets and 161 convenience stores.
Mr Ng also set up the FairPrice Foundation in 2008 to advance the group's philanthropic efforts, and served as its first chairman. The group has since donated $76 million to the foundation, which go towards causes such as helping the needy and advancing workers' welfare.
"It is my privilege to have served as Chairman to FairPrice, alongside an accomplished executive team and an experienced board, all of whom continue to work diligently in the best interests of the co-operative," said Mr Ng.
Mr Chin, who joined the board in February 2013, was the former managing partner of accounting firm KPMG Singapore. He sits on the board of the Singapore Labour Foundation and is deputy chairman of NTUC Enterprise. He also serves as a member of the Council of Presidential Advisors.