Keppel Corporation chief financial officer Loh Chin Hua has been named as the next chief executive officer (CEO) of the conglomerate.
He will succeed Mr Choo Chiau Beng, 65, as CEO on Jan 1.
At subsidiary, Keppel Offshore & Marine (Keppel O&M), Mr Tong Chong Heong, 66, will be succeeded by chief operating officer Chow Yew Yuen as CEO on February 1.
The changes are part of the group's holistic succession plan in charting its next lap of growth, the company said in a statement.
Mr Choo and Mr Tong will be appointed as senior advisors to the respective boards of Keppel Corp, and Keppel O&M and Keppel Infrastructure, thereafter.
The company will make an announcement on the appointment of the new CFO for Keppel Corp at an appropriate time.
Keppel Corp chairman Lee Boon Yang said the board had worked over several years with Mr Choo and his senior management team on succession planning.
"Today's announcement is the fruition of robust and systematic efforts to ensure that people with the right calibre are in place to grow Keppel from strength to strength," he noted.
"Keppel is 45 this year. Chiau Beng and Chong Heong have contributed towards Keppel's growth for 42 years and 43 years respectively."