Keppel Corp non-executive chairman Lee Boon Yang will step down on April 23 after almost 12 years helming the board.
He will be succeeded by Mr Danny Teoh, Keppel's audit committee chairman and a member of its remuneration and board risk committees, it was announced yesterday.
Dr Lee, 73, has been chairman of Keppel since 2009, after retiring from government service.
He was instrumental in launching a significant companywide transformation called Vision 2030 that was devised after the sharp downturn hit the offshore and marine sector in 2015. The long-term strategy is aimed at expanding Keppel as an integrated company providing solutions for sustainable urbanisation.
Dr Lee's tenure also saw Keppel step up its contributions to the community with the launch of its philanthropic arm in 2012. Keppel Care Foundation has since disbursed more than $47 million 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.
He is also chairman of Singapore Press Holdings (SPH), which publishes The Straits Times, and was minister for information, communications and the arts before retiring from politics in 2009. He also held the defence and manpower portfolios during his 24 years of political office.
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."
Mr Teoh, 65, is a chartered accountant who joined 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 also chairman of telco M1, which is owned by Keppel and SPH.
Mr Teoh said: "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... look forward to working very closely with the board and management to continue growing the company as we pursue Vision 2030."