[SINGAPORE] Yeo Hiap Seng (YHS) announced on Tuesday (Mar 25) that its board chairman Daryl Ng, grandson of the late Ng Teng Fong, founder of Far East Organization (FEO), will step down from his role after its upcoming annual general meeting (AGM) on Apr 23.
The 46-year-old has served as board chairman for around five years and will concurrently step down from his role as non-independent, non-executive director after the AGM. Ng is stepping down as part of a “planned leadership transition” and will continue to pursue “various business and philanthropic efforts”, YHS said.
He will be succeeded by banking veteran Na Wu Beng, who has served as deputy chairman and independent director since 2023.
Na will be replaced by Edward Averrill Ng, 33, a non-independent, non-executive director of the company since Mar 1, 2024, who is the cousin of the outgoing board chair.
Edward Ng is also a grandson of the late Ng Teng Fong and the son of FEO’s chief executive officer Philip Ng. Daryl Ng is the son of Philip’s brother, Robert Ng, who is the chairman of Hong Kong-listed Sino Group, FEO’s sister company.
FEO is one of Singapore’s largest private landlords and property developers. The Ng family is a substantial shareholder of YHS.
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Daryl Ng was first appointed as a director in 2018 and helmed the board as chairman from 2020. During his tenure, he led Yeo’s turnaround from losses to profits, steered it through the transformation of its business and rejuvenated the board with key appointments to enhance expertise and diversity, the company said on Tuesday.
“Under his leadership, Yeo’s reinvigorated its brand, accelerated innovation, and reinforced its market leadership in the Asian drinks segment in Singapore and Malaysia, all the while maintaining a debt-free balance sheet with robust cash reserves,” the company added.
Reflecting on his tenure, the outgoing board chairman said: “I am… confident that under Mr Na’s leadership, Yeo’s will continue to reach new heights.”
Na, a veteran banker with more than four decades of experience, has a wealth of leadership experience under his belt, having held pivotal roles across OCBC Group’s Singapore, Hong Kong, Indonesia, and China operations.
He has served as Yeo’s deputy chairman for nearly two years and currently serves as director of the Bank of Singapore, commissioner of OCBC Indonesia, and director of OCBC China.
Na said: “(Daryl Ng’s) vision and leadership have set a strong foundation for Yeo’s, and I look forward to building on this legacy to drive the company’s continued growth and success.”
Incoming deputy chair Edward Ng brings extensive leadership experience from his role as director at FEO, the company added.
The counter ended Monday 1.7 per cent or S$0.01 lower at S$0.57.
