From next month, the CPF Board will have a new chairman.

Mr Koh Yong Guan, who had led the board for the past eight years will step down when his term expires on June 30. He will be succeeded by Mr Chiang Chie Foo, the Permanent Secretary of the Ministry of Defence.

Mr Chiang has held numerous leadership positions in the civil service before being chosen to helm the CPF Board.

The Manpower Ministry yesterday thanked Mr Koh for his "distinctive contributions". Mr Koh, for instance, oversaw the development and implementation of the CPF Life annuity scheme.