Great Eastern Holdings group CEO Khor Hock Seng will retire on Oct 31, according to a release dated Aug 28. He will be replaced by Greg Hingston, with effect from Nov 1.
Hingston comes with over 20 years of experience working in Asia, spending the last 18 years with The Hong Kong and Shanghai Banking Corporation (HSBC). He has held various senior executive management positions across retail banking, wealth management and life insurance.
In his most recent role as CEO of HSBC Global Insurance and Partnerships, Hingston was primarily responsible for setting the strategy, managing and growing the life insurance businesses of the HSBC Group.
His appointment is the culmination of an extensive succession process, reads the release.
Greg Hingston, who will become the new group CEO, will step into the role on Nov 1. Photo: Great Eastern Holdings
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Following the evaluation of shortlisted candidates, Hingston was selected as the most suitable candidate by the nominating committee (NC) and the Board.
Soon Tit Koon, chairman of Great Eastern Holdings G07 , says: “We are confident that with him at the helm, Great Eastern Group would be well positioned to continue strengthening its leadership position in Singapore and Malaysia, and further expand our insurance franchise in the region.”
Khor, Hingston’s predecessor, has served as group CEO for nine years. He was appointed as Great Eastern's CEO effectively on Nov 2, 2015.
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Khor joined the group in November 2015, bringing with him over 33 years of insurance industry experience.
Under Khor, Great Eastern Group’s total assets grew steadily from $65.8 billion as at end-2015 to $109.0 billion as at end-2023.
Khor says: “I am confident that the Great Eastern Group will continue to do well under Greg’s leadership, and serve the needs of our customers and other stakeholders in the best way possible.”
On Khor’s decision to retire, Soon adds: “To ensure continuity and facilitate a smooth transition, I am also pleased to inform that Hock Seng has agreed to serve as an advisor to the Board to assist in all aspects of the transition for a period of 6 months.”
Shares in Great Eastern Holdings last traded at $25.80 on July 12.
