<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published April 16, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>PowerSeraya in changing of guard
MD Neil McGregor steps down, making way for John Ng as chief executive
By RONNIE LIM
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(SINGAPORE) PowerSeraya is seeing change at the top, four months after Malaysia's YTL Group bought the generating company for $3.8 billion from Temasek Holdings.
From today, John Ng, previously the company's senior vice-president, takes the reins as chief executive - a new title. He succeeds managing director Neil McGregor, 'who has decided to step down to explore new prospects and challenges', PowerSeraya said.
Insiders say that Mr McGregor made the decision to step down last week, after ensuring the company's transition to new ownership was completed. The sale of the 3,100 megawatt generating company to YTL was officially concluded on March 6.
According to some observers, Mr McGregor's departure is no surprise, as there was a 'potential mismatch' in management styles vis-a-vis the new owner.
But Mr McGregor himself discounted this. 'After 51/2 years with the company, it was a juncture, after the new owners had come in, when you either stayed on or called it a day,' he told BT yesterday. 'It was all amicable. There was no disagreement. But certainly, it will be a big vacuum leaving PowerSeraya, which has done well and has a great team.'
Mr McGregor said that he has no firm plans but would remain in Singapore and may enter the energy business here, including perhaps the liquefied natural gas (LNG) industry.
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</TD></TR></TBODY></TABLE>With the mature electricity market in Singapore, PowerSeraya under Mr McGregor moved to grow beyond being a 'plain vanilla' power provider to an integrated energy player. It added to its repertoire oil trading and provision of utilities, such as steam and water, to industry.
'There is no change in this strategy direction,' Mr Ng told BT yesterday.
The 20-year industry veteran, who is now responsible for planning, developing and implementing PowerSeraya's industrial and retail business strategies, said, however, that 'I'll have to re-evaluate and either enhance or reduce certain areas'.
'The focus going forward is to deliver long-term sustainable growth,' he said.
Meanwhile, the Yeoh family, which is behind the YTL conglomerate, is now fully represented on the boards of PowerSeraya, its oil-trading subsidiary, PetroSeraya, and its retail arm, Seraya Energy.
Brothers Yeoh Seok Hong and Mark Yeoh, who led the acquisition of PowerSeraya, sit on its three-strong board and the six-strong boards of PetroSeraya and Seraya Energy.
YTL has also brought in Thomas Ho, who was previously finance director of its Indonesian power associate, as PowerSeraya's chief financial officer. Mr Ho, with YTL Power's director of projects Joseph Tan, sits on the boards of PetroSeraya and Seraya Energy.
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>PowerSeraya in changing of guard
MD Neil McGregor steps down, making way for John Ng as chief executive
By RONNIE LIM
<TABLE class=storyLinks cellSpacing=4 cellPadding=1 width=136 align=right border=0><TBODY><TR class=font10><TD align=right width=20>
</TD><TD>Email this article</TD></TR><TR class=font10><TD align=right width=20>
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) PowerSeraya is seeing change at the top, four months after Malaysia's YTL Group bought the generating company for $3.8 billion from Temasek Holdings.
From today, John Ng, previously the company's senior vice-president, takes the reins as chief executive - a new title. He succeeds managing director Neil McGregor, 'who has decided to step down to explore new prospects and challenges', PowerSeraya said.
Insiders say that Mr McGregor made the decision to step down last week, after ensuring the company's transition to new ownership was completed. The sale of the 3,100 megawatt generating company to YTL was officially concluded on March 6.
According to some observers, Mr McGregor's departure is no surprise, as there was a 'potential mismatch' in management styles vis-a-vis the new owner.
But Mr McGregor himself discounted this. 'After 51/2 years with the company, it was a juncture, after the new owners had come in, when you either stayed on or called it a day,' he told BT yesterday. 'It was all amicable. There was no disagreement. But certainly, it will be a big vacuum leaving PowerSeraya, which has done well and has a great team.'
Mr McGregor said that he has no firm plans but would remain in Singapore and may enter the energy business here, including perhaps the liquefied natural gas (LNG) industry.
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'There is no change in this strategy direction,' Mr Ng told BT yesterday.
The 20-year industry veteran, who is now responsible for planning, developing and implementing PowerSeraya's industrial and retail business strategies, said, however, that 'I'll have to re-evaluate and either enhance or reduce certain areas'.
'The focus going forward is to deliver long-term sustainable growth,' he said.
Meanwhile, the Yeoh family, which is behind the YTL conglomerate, is now fully represented on the boards of PowerSeraya, its oil-trading subsidiary, PetroSeraya, and its retail arm, Seraya Energy.
Brothers Yeoh Seok Hong and Mark Yeoh, who led the acquisition of PowerSeraya, sit on its three-strong board and the six-strong boards of PetroSeraya and Seraya Energy.
YTL has also brought in Thomas Ho, who was previously finance director of its Indonesian power associate, as PowerSeraya's chief financial officer. Mr Ho, with YTL Power's director of projects Joseph Tan, sits on the boards of PetroSeraya and Seraya Energy.
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