SINGAPORE - Local insurer NTUC Income announced on Monday (Dec 17) that it has appointed Mr Ronald Ong Whatt Soon to succeed Mr Stephen Lee Ching Yen as chairman of the board, effective Jan 1.
Mr Ong is the chairman and chief executive officer for South-east Asia at Morgan Stanley, where he has worked for 20 years in various roles. He joined NTUC Income as a board member in August this year, and also sits on the board of NTUC FairPrice Co-operative Limited and Next 50 Limited.
In addition, he is a member of the Singapore Exchange's Listings Advisory Committee and serves on the advisory boards of the Lee Kong Chian School of Business and the Sim Kee Boon Institute for Financial Economics, both at the Singapore Management University.
Previously, he was a council member of the Securities Industry Council and committee member of the 1st Capital Markets Committee of the Monetary Authority of Singapore.
Said Mr Lim Boon Heng, chairman of NTUC Enterprise: "Ronald is an eminent business leader. I am confident that Ronald will lead Income to greater success, delivering value and accessibility of insurance to all Singaporeans."
Mr Lim also thanked Mr Lee for his contribution to NTUC Income over the last five years, saying: "Under his stewardship, Income continues to stay true to its mission and has made significant progress to become a digital insurer."
Outgoing chairman Mr Lee said: "Steering Income over the last five years has been challenging and rewarding. Income today is a progressive social enterprise and market leader. This will not be possible without the unwavering support of my fellow directors, and I would like to thank them for their commitment. With Ronald taking the helm as chairman, I have no doubt that Income's momentum for growth and transformation will continue."
NTUC Income chief executive Ken Ng said the insurer will benefit from Mr Ong's experience and track record, and he looks forward to working with him to "accelerate digitalisation, innovation and growth at Income".
Said Mr Ong: "It is a great honour to serve Income as its chairman, catering to the financial and protection needs of two million policyholders.
"I look forward to working with my fellow directors on the board, building on Income's trusted value proposition as a social enterprise."