SINGAPORE - Food and beverage group Yeo Hiap Seng (YHS) announced on Monday that its group chief executive Tjong Yik Min will retire from April 30 next year.
Mr Tjong, 62, will be succeeded by Mr Melvin Teo Tzai Win, 43, who will be appointed executive director and chief executive designate with effect from Jan 1.
Mr Teo will formally assume the appointment of group chief executive on April 24.
Mr Tjong has served as a non-independent director on the YHS board when he joined the company as its president and chief operating officer in 2002. He was appointed to his current position in 2010.
During his tenure, Mr Tjong nurtured the management team through various milestones to grow the markets in Malaysia, Indonesia and Cambodia. In 2012, he also led the group through a successful privatisation of Yeo Hiap Seng (Malaysia) Berhad and streamlined the entire group's operations.
"The Board is deeply appreciative of Yik Min's leadership and transformation of YHS since he became CEO," said chairman Koh Boon Hwee.
"He had indicated his desire to retire by the end of 2014, but when Melvin could not join YHS until January 2015, he agreed to postpone his retirement for four months to allow for an overlap and orderly hand over of duties.
"He clearly has his heart in the company and I know our people will miss his mentorship and guidance."
Added Mr Koh: "At the same time, we are fortunate to welcome a person of Melvin's intellect and experience to the leadership position in YHS.
"With a properly planned handover we look forward to a seamless leadership transition, and for Melvin to build on the foundation laid, especially the new plants coming up in Indonesia and Cambodia, and take YHS to yet another level."
Prior to joining YHS, Mr Teo served as the President Director of PT Bank DBS Indonesia since Oct 2012.