Two long-serving Keppel Corporation leaders are to step down from their roles at the beginning of next year “to advance Keppel’s interests”, the company has confirmed.
Chiau Beng Choo, the company’s chief executive and Chong Heong Tong, Keppel Offshore and Marine (Keppel O&M) chief executive will take on senior advisor roles when they step down after 42 and 43 years respectively with the offshore infrastructure firm.
Chin Hua Loh, currently Keppel’s chief financial officer, will take over as chief executive from January next year Keppel O&M chief operating officer Yew Yuen Chow will become the division’s CEO the following month.
“The Board has worked over several years with Chiau Beng and his senior management team on succession planning,” said Keppel chairman Dr Kee Boon Yang.
“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.”
Choo, who became chief executive in 2009, said the new appointments will ensure the company’s growth.
“The Group will benefit greatly from the diversity of their collective expertise, experiences and personal attributes,” Choo said.
“With the support of their colleagues and teams, this new cohort of Keppel leaders will continue to create sustainable value for our shareholders, and shape the future of our Group.”
The announcement came as Keppel revealed profits for the first six months of 2013 fell 47% from the same period the previous year, to $677million.
The company blamed the continuing sluggish nature of the global economy and fluctuating commodity prices, plus competition from yards in China and Korea for rig builds.