SINGAPORE - Dr Lee Boon Yang will retire as non-executive chairman and director of Keppel Corp on April 23, after close to 12 years of helming its board.
He will be succeeded by Mr Danny Teoh, Keppel's current audit committee chairman and member of its remuneration and board risk committees, the board announced on Wednesday (Feb 24).
Dr Lee, 73, has been chairman of Keppel since 2009, after retiring from politics. He has overseen the board through ups and downs in the international business environment, including the sharp downturn in the offshore & marine sector from 2015, and more recently the Covid-19 pandemic.
Under his watch, Keppel has undergone significant transformation as it readied itself for the future and unveiled its long-term strategy to grow as an integrated company providing solutions for sustainable urbanisation, dubbed Vision 2030.
Mr Teoh, 65, was first appointed to Keppel's board on Oct 1, 2010. He was previously managing partner of professional services firm KPMG in Singapore, where he spent 27 years in its local office and abroad.
He is a chartered accountant and is also the chairman of telco M1, which is owned by Keppel and Singapore Press Holdings (SPH).
Keppel chief executive and executive director Loh Chin Hua said: "Boon Yang has been a pillar of strength for Keppel and was pivotal in driving the company's strategic direction over the past 12 years.
"I would like to express my deep appreciation to Boon Yang for his strong support and wise counsel, which helped Keppel to remain resilient and grow from strength to strength."
Dr Lee is also chairman of SPH, which publishes The Straits Times, and was minister for information, communications and the arts before he retired from politics in 2009. He has also held the defence and manpower portfolios during his 24 years of political office.
During his tenure, Keppel stepped up its contributions to the community and launched its philanthropic arm in 2012. Keppel Care Foundation has disbursed more than $47 million since its establishment, in support of education, environment conservation and caring for the underprivileged, among other causes.
"It has been my great honour and privilege to serve Keppel for the past 12 years. It has also been an immensely exciting journey," said Dr Lee, who was a veterinarian and research and development officer in the Government's now-defunct Primary Production Department before entering politics.
Said Mr Teoh: "On behalf of the board and management, I would like to thank Boon Yang for his strong leadership and invaluable contributions to Keppel, and for laying robust foundations for the company's next phase of growth.
"I am honoured to be appointed chairman of the board, and look forward to working very closely with the board and management to continue growing the company as we pursue Vision 2030."