SINGAPORE - Mr Lim Jit Poh, chairman of transport giant ComfortDelGro since its inception in 2003, will step down next year.
Announcing this in the group's latest annual report released on Thursday (March 31), Mr Lim, 82, said he will step down as chairman of vehicle inspection subsidiary Vicom in April, and take up the title of emeritus chairman and serve as senior adviser.
"I intend to do likewise in 2023, when I will relinquish my position as chairman of ComfortDelGro at the 2023 annual general meeting (AGM) in April," he said. "By then, I would have served for 20 years as founding chairman.
"I am the last of the founding directors to leave the ship. In essence, change is coming. It is not a concept that we, as a group, are unaccustomed to," he added, noting that it has been operating in a highly competitive and ever-changing environment since 2003.
"As the saying goes: In life, change is inevitable. In business, change is vital."
Mr Lim stepped down as chairman of listed public transport subsidiary SBS Transit last April, and now holds a largely advisory role as senior adviser until the conclusion of the 2022 AGM next month.
His successor is Mr Bob Tan, who turns 70 this year. Mr Tan was once on the board of rival SMRT.
Mr Lim also announced that two ComfortDelGro directors - Dr Wang Kai Yuen and Mr Kyle Lee - will be retiring at the upcoming AGM.
Dr Wang has been with the group for 19 years, and has served as chairman of various board committees during his tenure.
"His extensive experience in international relations, information technology and product development has been invaluable to the group," Mr Lim said.
Mr Lee, who joined the ComfortDelGro board in 2017, has "helped guide the group in the areas of audit and risk and governance where he has significant experience".
Mr Lim, together with ComfortDelGro's first chief executive Kua Hong Pak, were instrumental in growing the group and establishing itself in seven countries.
Mr Kua served as group CEO from 2003 till 2017, before stepping down to become adviser. He died the following year of cancer at the age of 74.
Since 2003, ComfortDelGro's revenue had grown from $2.02 billion to $4.06 billion for the year ended Dec 31, 2016. Its net profit for the same period increased from $133.9 million to $317.1 million.
