Daryl Ng to step down as Yeo’s chairman; banking veteran Na Wu Beng to succeed him

SINGAPORE - Yeo Hiap Seng’s board chairman Daryl Ng, grandson of the late Mr Ng Teng Fong who was the founder of Far East Organization (FEO), said on March 25 that he will step down from his role after the drinks maker’s upcoming annual general meeting (AGM) on April 23.

Mr Daryl Ng, 46, has served as board chairman for around five years, and will concurrently step down from his role as non-independent, non-executive director after the AGM. He is stepping down as part of a “planned leadership transition” and will continue to pursue “various business and philanthropic efforts”, Yeo Hiap Seng said.

He will be succeeded by banking veteran Na Wu Beng, who has served as deputy chairman and independent director since 2023.

Mr Na will be replaced by Mr Edward Averrill Ng, 33, a non-independent, non-executive director of the company since March 1, 2024, who is the cousin of the outgoing board chair.

Mr Edward Ng is also a grandson of the late Mr Ng Teng Fong, the son of FEO’s former chief executive Philip Ng and the brother of FEO’s current CEO Jonathan Ng. Mr Daryl Ng is the son of Mr Philip Ng’s brother Robert Ng, who is the chairman of Hong Kong-listed Sino Group, FEO’s sister company.

FEO is one of Singapore’s largest private landlords and property developers. The Ng family is a substantial shareholder of Yeo Hiap Seng.

Mr Daryl Ng was first appointed director in 2018 and helmed the board from 2020. During his tenure, he led Yeo’s turnaround from losses to profits, steered it through the transformation of its business, and rejuvenated the board with key appointments to enhance expertise and diversity, the company said on March 25.

“Under his leadership, Yeo’s reinvigorated its brand, accelerated innovation and reinforced its market leadership in the Asian drinks segment in Singapore and Malaysia, all the while maintaining a debt-free balance sheet with robust cash reserves,” the company added.

Reflecting on his tenure, the outgoing board chairman said: “I am... confident that under Mr Na’s leadership, Yeo’s will continue to reach new heights.”

Mr Na, a veteran banker with more than four decades of experience, has a wealth of leadership experience under his belt, having held pivotal roles across OCBC Group’s Singapore, Hong Kong, Indonesia and China operations.

The 68-year-old has served as Yeo’s deputy chairman for nearly two years and currently serves as a director of the Bank of Singapore, commissioner of OCBC Indonesia and director of OCBC China.

Mr Na said: “(Daryl Ng’s) vision and leadership have set a strong foundation for Yeo’s, and I look forward to building on this legacy to drive the company’s continued growth and success.”

Incoming deputy chair Edward Ng brings extensive leadership experience from his role as a director at FEO, the company added.

For the six months ended Dec 31, 2024, sales volumes and compensation from oat milk maker Oatly lifted the net profit of Yeo Hiap Seng by 9 per cent to $3.7 million.

The company’s revenue for the half-year rose 7.7 per cent to $163.2 million. The rise was driven by higher sales volume in Malaysia, Singapore and Indonesia, leading to a 6.9 per cent rise in food and beverage revenue to $147.4 million. This came even as sales in China and Hong Kong fell.

The company also booked a net profit of $7.3 million for the year from the closure of Oatly’s Singapore manufacturing facility, for which it was compensated.

For the full year, however, Yeo Hiap Seng’s revenue fell 1.2 per cent to $328.6 million, due to lower sales volume in what it dubbed the “co-packing revenue” segment. It also cited challenges in the Chinese, Hong Kong and US markets. Its 2024 financial year net profit rose 2.6 per cent to $6.9 million.

The company also recorded an assets/investments impairment of $7.7 million, which it attributed to the “challenging operating environment, particularly in China and Singapore”. THE BUSINESS TIMES