Koh Beng Seng, the chairman of Great Eastern Holdings’ G07 board will step down after the group’s 24th annual general meeting (AGM) on April 21.
He will also relinquish his roles as chairman of the executive and risk management committee as well as a member of the nominating, remuneration and sustainability committees.
Soon Tit Koon will succeed him as chairman on April 22.
Koh was first appointed to the board on Jan 2, 2008 and was named chairman on Sept 1, 2014.
Under his tenure, Great Eastern Holdings’ key financial metrics such as its gross premiums, total weighted new sales (TWNS), new business embedded value (NBEV) and embedded value grew by 80% to 120%, says the group in its March 21 statement.
Koh also oversaw the group’s push towards digital transformation where its employees and financial representatives are equipped with the tools for a seamless customer experience among other initiatives.
See also: Singapore-based manufacturer Hi-P International appoints Apple veteran to board
“It has been a tremendous honour for me to have served on the board of Great Eastern Holdings for the past 15 years, eight of which as the chairman. Throughout my time with Great Eastern, my fellow directors have been unstinting in their support and contribution and I would like to express my deepest appreciation to them. I also wish to commend and thank our management, staff and financial representatives for their commitment, dedication and hard work,” says Koh.
“Together, we have strengthened the Great Eastern brand, grown our franchise and expanded our reach to more customers in Singapore and Malaysia. I am confident that the group is well-positioned to face all challenges and seize new opportunities. I look forward to seeing it grow from strength to strength under the leadership of Mr Soon Tit Koon,” he adds.
Soon, who was first appointed to the board of Great Eastern Holdings on Jan 1, 2016, has over 30 years of experience in business, management, banking and finance including senior positions at the Oversea-Chinese Banking Corporation (OCBC) from 2002 to 2011. Among his roles at OCBC, Soon was the bank’s CFO and head of group investments.
See also: Manulife Wealth and Asset Management appoints Fabio Fontainha as head of Asia
He was also Wilmar Holdings’ CFO from 2000 to 2002. Soon also worked at Citicorp Investment Bank (Singapore) from 1983 to 2000 and was its managing director from 1993 to 2000.
“On behalf of the board, I would like to thank Mr Koh Beng Seng for his leadership and his invaluable contribution as Chairman of Great Eastern Holdings. The group has achieved strong growth and successfully navigated unprecedented times under his chairmanship. I will continue building on his good work and working with the board to bring Great Eastern to greater heights,” says Soon.
Khor Hock Seng, Great Eastern Holdings’ group CEO expressed his “deep gratitude” to Koh for his “insightful leadership and tireless dedication to Great Eastern”, lauding his leadership as he “consistently followed his vision for Great Eastern to be the most trusted insurance group in the region and for us to put our customers at the heart of all that we do”.
Khor also welcomed Soon as the new chairman and said that he was looking forward to working closely with him.
“[Mr Soon’s] in-depth understanding of the group’s operations and extensive experience in the financial industry will prove invaluable in steering Great Eastern in its next phase of growth,” says Khor.
Shares in Great Eastern closed 35 cents lower or 1.99% down at $17.26 on March 20.
