On The Move: ST ENGINEERING

ST ENGINEERING

ST Engineering has appointed Mr Tom Vecchiolla to head its US headquarters, VT Systems, as it focuses on expanding its US presence, particularly in the defence segment.

Mr Vecchiolla takes over Mr John Coburn's position as president and chief executive officer starting from Dec 1. Mr Coburn will remain as non-executive chairman of VT Systems.

Mr Vecchiolla has 17 years of experience in the private sector and 24 years in the public and military sector. Prior to joining VT Systems, he founded his consultancy firm based in Washington DC to provide senior advisory services for global aerospace and defence clients. He holds a Master of Science in Systems Management from the University of Southern California and a Bachelor of Science from the US Naval Academy in Annapolis, Maryland.

Mr Coburn said: "I am fortunate to have served and played a part in ST Engineering's growth in the US. With a list of renowned and leading businesses in the US, there is so much more potential for the group to tap.

"The time is now right for me to hand over the leadership as ST Engineering embarks on its next phase of growth and opportunities, with the US market playing a more critical role in driving the success of the group."

VT Systems was set up in 2001 to support the group's overseas expansion. Today, the United States is the group's largest market outside Singapore, with operating companies and major operations in 16 cities, contributing more than 20 per cent to group revenue. Headquartered in Singapore, ST Engineering reported revenue of $6.62 billion in financial year 2017.


SABANA REIT

Sabana Real Estate Investment Management's chief strategy officer and head of investor relations Tay Chiew Sheng has left the Reit (real estate investment trust) manager with effect from last Tuesday, after nearly eight years in the role.

The manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) announced Mr Tay's departure to "pursue other interests" in a regulatory filing late last Tuesday night.

While in that role, Mr Tay had been "responsible for formulation of strategic plans, the provision of high-quality, accurate and prompt information and the maintenance of good relationships with the financial community of Sabana Reit and its subsidiaries".


PLASTOFORM HOLDINGS

Plastoform Holdings, which manufactures audio speakers, last Tuesday said its interim chief executive officer Edwin Long has resigned "to pursue his personal interest".

Shares of Plastoform, which has been placed under the watch list by the Singapore Exchange, last traded at $0.023.


ESR-REIT

The manager of ESR-Reit last Wednesday said its chief financial officer Shane Hagan has resigned "to pursue his own interests".

Mr Hagan will also step down from his post as chief operating officer. Financial controller Amy Lowwill be appointed as acting chief financial officer with effect from Oct 19. Head of real estate Nancy Tan will take over all operational and investment matters relating to ESR-Reit. Mr Hagan will stay on until the end of next month to support the transition, the firm said.


CITI

Citi last Friday said that it has appointed Mr Gonzalo Luchetti as head of consumer banking for Asia-Pacific and EMEA (Europe, the Middle East and Africa) - the 17 markets that collectively contribute to 27 per cent of Citi's global consumer banking profit.

He replaces Mr Anand Selvakesari, who will be the new head of US consumer banking, a spokesman told The Business Times.

Mr Luchetti will manage the 12 markets where Citi offers retail banking, wealth management and credit cards in Asia-Pacific, along with the five EMEA markets - Poland, Russia, the United Kingdom, the United Arab Emirates and Bahrain. His last position was retail bank head for Asia-Pacific and EMEA - a role he had held from 2015.

In a media statement, Mr Francisco Aristeguieta, CEO Asia-Pacific, said: "We are extremely well positioned in Asia in terms of talent, execution, value propositions and client experience to continue driving sustainable client-led growth.

"Gonzalo will ensure continuity and deliver strong leadership as we accelerate the transformation of our business model, continue to drive digitisation and build further scale through partnerships and ecosystems to be the best for our clients."

A version of this article appeared in the print edition of The Straits Times on September 17, 2018, with the headline 'On The Move: ST ENGINEERING'. Print Edition | Subscribe