Former RWS CEO Tan Hee Teck to replace Lim Boon Heng as NTUC Enterprise chairman
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Mr Tan Hee Teck (right) will take over the role of chairman of NTUC Enterprise from Mr Lim Boon Heng.
PHOTO: NTUC ENTERPRISE
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- Tan Hee Teck replaces Lim Boon Heng as NTUC Enterprise chairman on Oct 31, bringing extensive experience from RWS and public sector roles.
- Lim Boon Heng retires after 13 years, during which NTUC Enterprise's revenue grew from $6.5B to $8.2B, impacting 70% of Singapore households.
- Tan aims to build on Lim's foundation, focusing on NTUC Enterprise's purpose and lessons from Allianz's attempted Income stake acquisition.
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SINGAPORE - Former Resorts World Sentosa (RWS) chief executive Tan Hee Teck will replace Mr Lim Boon Heng as chairman of NTUC Enterprise starting from Oct 31.
Mr Lim announced his retirement as chairman at an extraordinary general meeting on Oct 30.
Mr Tan, 69, has decades of commercial and public sector experience, having led RWS since 2007 before retiring from the role in May.
He was responsible for RWS winning the bid to operate the integrated resort in Sentosa, which opened in 2010.
Mr Tan was also the CEO of Genting Singapore before stepping down in May.
He has served on national bodies including the CPF Board, National Wages Council and the Singapore Economic Resilience Taskforce.
Mr Tan’s distinguished career in both the private and public sectors, as well as his commitment to enhance community welfare, aligns strongly with NTUC Enterprise’s purpose to enable better living and meet the critical needs of working families in Singapore, NTUC Enterprise said in an Oct 30 statement.
Mr Tan will lead NTUC Enterprise in its next phase of development, including lessons learnt from German insurer Allianz’s attempt to buy a controlling stake in Income, the NTUC insurance cooperative.
“I look forward to working closely with the board, management team and stakeholders to further amplify the impact of the NTUC Enterprise portfolio,” he said in the statement.
Mr Lim’s retirement from NTUC Enterprise comes after the 77-year-old on Oct 9 stepped down as chairman of Singapore’s investment company Temasek, a role he had held since August 2013.
He was succeeded by former senior minister Teo Chee Hean.
Mr Lim has helmed NTUC Enterprise, which is the holding entity for Income as well as a range of businesses from childcare centres to supermarkets, since 2012.
He led its transformation into a portfolio of impact businesses serving over 70 per cent of households in Singapore.
Under his leadership, NTUC Enterprise’s group revenue grew from $6.5 billion in 2014 to $8.2 billion in 2024, with a net asset value of $4.6 billion.
Mr Lim has had a long association with the National Trades Union Congress. He rose from the position of deputy director (1981 to 1983) to assistant secretary-general (1983 to 1987) and then to deputy secretary-general (1987 to 1991), before leaving to take up his appointment in the Ministry of Trade and Industry.
In October 1993, Mr Lim was appointed Minister without Portfolio and secretary-general of NTUC, succeeding Mr Ong Teng Cheong in the labour movement.
He served four terms as secretary-general, stepping down in 2006 when he was succeeded by Mr Lim Swee Say.
He retired from politics in 2011 but retained his post as deputy chairman of the Singapore Labour Foundation and became chairman of NTUC Enterprise in 2012. As the founding chairman, Mr Lim oversaw the consolidation of enterprises, including FairPrice, Income Insurance and NTUC First Campus.
“I am deeply appreciative of Mr Lim devoting his time and passion in steering NTUC Enterprise to serve its stakeholders in their best interests, and his commitment in uplifting our community,” Mr Tan said.
“He has laid a strong foundation for the organisation’s future growth.”
