<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published December 23, 2008
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Keppel sails into new era as CEO Lim hands over helm
Choo Chiau Beng takes over; Lim remains group's non-exec chairman
By VINCENT WEE
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(SINGAPORE) In what it billed as part of a normal succession plan for senior management, Keppel Corp announced yesterday that executive chairman Lim Chee Onn would be relinquishing his role as chief executive officer but would continue to serve as non-executive chairman.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Changing roles: (from right) Mr Lim with Mr Choo and Mr Teo. The change suggests a shift in emphasis to the offshore and marine side of the business as Mr Choo has spent the bulk of his career at the shipyards </TD></TR></TBODY></TABLE>In turn, Keppel Offshore and Marine (KOM) CEO Choo Chiau Beng will step up to the plate to take over the executive role at the group, while KOM managing director and chief operating officer Tong Chong Heong will take over as CEO at the offshore arm. All the key executive moves will take place with effect from Jan 1, 2009.
The move helps address previous concerns about the lack of separation between function of the chairman and chief executive at the conglomerate but also suggests a shift in emphasis to the offshore and marine side of the business as Mr Choo began his career in the yards and has spent the bulk of his career there.
Keppel, however, emphasised that Mr Choo is also chairman of Singapore Petroleum Company and sits on the board of other Keppel companies such as Keppel Land and k1 Ventures.
Mr Lim, who is 64 this year, spent much of his post-public sector career in the then Straits Steamship Land which later became Keppel Land before going on to lead the group in 2000 after taking over from longtime Keppel stalwart Sim Kee Boon.
In contrast, Mr Choo, 60, began his career with Keppel Shipyard in 1971 and has gone on to various other shipbuilding units within the group before making his way up to managing director of Keppel's rigbuilding unit Keppel Fels and eventually heading up the combined offshore and marine group.
He was appointed executive director of Keppel in 1983. Mr Choo will continue to serve as non-executive chairman of KOM.
Mr Lim will continue to serve as non-executive chairman of the Keppel board and in this role, in addition to ensuring effective operation of the board, he will oversee the group's thrust in sustainable development initiatives, Keppel said.
He will continue to contribute his efforts to expand and strengthen Keppel's geographical footprint in China, Vietnam, India and the Middle East.
Teo Soon Hoe will retain his scope of responsibilities as senior executive director and group finance director.
'Chee Onn has been my chairman and CEO for the last 9 years. He has strong relationships with government and industry leaders in Asia and the Middle East. The board and I will continue to tap on Chee Onn's strengths to further our group's interest,' said Mr Choo.
Said Mr Lim: 'Given the prevailing volatile financial and economic conditions and the uncertain operating environment, we must continue to prepare ourselves for a totally different economic and business landscape.
'We shall ensure that Keppel is well placed to seize opportunities that will arise from the current global economic crisis.
'I am confident that Chiau Beng will succeed in sustaining the group's continued efforts to further grow our competencies, increase our competitiveness, seize business opportunities and penetrate new markets in order to deliver long term stakeholder value.'
Keppel shares closed 17 cents lower at $4.30 yesterday.
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Keppel sails into new era as CEO Lim hands over helm
Choo Chiau Beng takes over; Lim remains group's non-exec chairman
By VINCENT WEE
<TABLE class=storyLinks cellSpacing=4 cellPadding=1 width=136 align=right border=0><TBODY><TR class=font10><TD align=right width=20>
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) In what it billed as part of a normal succession plan for senior management, Keppel Corp announced yesterday that executive chairman Lim Chee Onn would be relinquishing his role as chief executive officer but would continue to serve as non-executive chairman.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Changing roles: (from right) Mr Lim with Mr Choo and Mr Teo. The change suggests a shift in emphasis to the offshore and marine side of the business as Mr Choo has spent the bulk of his career at the shipyards </TD></TR></TBODY></TABLE>In turn, Keppel Offshore and Marine (KOM) CEO Choo Chiau Beng will step up to the plate to take over the executive role at the group, while KOM managing director and chief operating officer Tong Chong Heong will take over as CEO at the offshore arm. All the key executive moves will take place with effect from Jan 1, 2009.The move helps address previous concerns about the lack of separation between function of the chairman and chief executive at the conglomerate but also suggests a shift in emphasis to the offshore and marine side of the business as Mr Choo began his career in the yards and has spent the bulk of his career there.
Keppel, however, emphasised that Mr Choo is also chairman of Singapore Petroleum Company and sits on the board of other Keppel companies such as Keppel Land and k1 Ventures.
Mr Lim, who is 64 this year, spent much of his post-public sector career in the then Straits Steamship Land which later became Keppel Land before going on to lead the group in 2000 after taking over from longtime Keppel stalwart Sim Kee Boon.
In contrast, Mr Choo, 60, began his career with Keppel Shipyard in 1971 and has gone on to various other shipbuilding units within the group before making his way up to managing director of Keppel's rigbuilding unit Keppel Fels and eventually heading up the combined offshore and marine group.
He was appointed executive director of Keppel in 1983. Mr Choo will continue to serve as non-executive chairman of KOM.
Mr Lim will continue to serve as non-executive chairman of the Keppel board and in this role, in addition to ensuring effective operation of the board, he will oversee the group's thrust in sustainable development initiatives, Keppel said.
He will continue to contribute his efforts to expand and strengthen Keppel's geographical footprint in China, Vietnam, India and the Middle East.
Teo Soon Hoe will retain his scope of responsibilities as senior executive director and group finance director.
'Chee Onn has been my chairman and CEO for the last 9 years. He has strong relationships with government and industry leaders in Asia and the Middle East. The board and I will continue to tap on Chee Onn's strengths to further our group's interest,' said Mr Choo.
Said Mr Lim: 'Given the prevailing volatile financial and economic conditions and the uncertain operating environment, we must continue to prepare ourselves for a totally different economic and business landscape.
'We shall ensure that Keppel is well placed to seize opportunities that will arise from the current global economic crisis.
'I am confident that Chiau Beng will succeed in sustaining the group's continued efforts to further grow our competencies, increase our competitiveness, seize business opportunities and penetrate new markets in order to deliver long term stakeholder value.'
Keppel shares closed 17 cents lower at $4.30 yesterday.
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