SINGAPORE - ComfortDelGro Corp chief executive Kua Hong Pak will be stepping down on April 30 after 14 years at the helm of the transport giant.
Mr Kua, 73, will be succeeded by Mr Yang Ban Seng, 60, who has been leading the group's taxi business since 2003.
Mr Kua, who has steered ComfortDelGro to grow its footprint across seven countries, double its revenue and nearly treble its profit during his tenure, will remain as senior advisor.
Mr Kua said: "It has been an honour and privilege to witness first hand, the growth of ComfortDelGro. It has been an enjoyable and fulfilling journey.
The group has accomplished much in the last 14 years. All this would not have been possible without the sheer hard work and dedication of a very committed senior team and all our people, both in Singapore and abroad."
The helmsman added: "ComfortDelGro is now well-positioned for its next stage of growth and I am confident that Ban Seng, with the support of the senior team, will prove to be an able leader to take the group to even greater heights."
Chairman Lim Jit Poh penned a three-page tribute to Mr Kua.
"His personal commitment to the various categories of people coming from different nationalities, cultures and legal jurisdictions, all operating in four different time zones, can only be done through significant personal sacrifice. His exemplary attributes of hard work, dedication, commitment and passion are qualities that have helped to propel the group to what it is today," Mr Lim, who remains as non-executive chairma, said.
Mr Yang started out with Comfort Group in March 1989. When the company merged with DelGro Corp in 2003, he became chief executive of its taxi business.
He said: "I am excited by this opportunity to lead ComfortDelGro into its next stage of growth. Mr Kua has left me big shoes to fill and I will do my very best to wear them well."
Since 2003, ComfortDelGro's revenue has more than doubled from $2.02 billion to $4.06 billion for the year ended Dec 31, 2016. Its net profit for the same period has increased from $133.9 million to $317.1 million.
The group now operates in seven countries, with a fleet of 44,715 and a staff strength of 22,048.