Sats CEO to retire; banking veteran named as successor

Airport services and catering firm, Sats, has announced that Mr Alexander Charles Hungate will become president and chief executive officer when incumbent Mr Tan Chuan Lye retires at the end of this year.

Mr Hungate, 46, who is currently chief executive for HSBC's operations in Singapore, will join Sats in July as an executive director to understudy Mr Tan, Sats said in a statement on Wednesday.

Sats chairman Mr Edmund Cheng said the time is right for a leadership transition, adding that Mr Hungate brought with him a depth of global financial, strategic and people development expertise that will help Sats grow its business.

The vacancy at HSBC will be filled by Mr Guy Harvey-Samuel, the bank said in a separate announcement. Mr Harvey-Samuel was Singapore chief executive until 2010 when he left to take up another posting in Hong Kong.

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