Sembcorp Industries’ U96 chairman and director Ang Kong Hua will be retiring from his positions at the upcoming annual general meeting (AGM) on April 20.
Tow Heng Tan, the current deputy chairman of Sembcorp, will succeed him as non-executive and non-independent chairman.
Tham Kui Seng, a non-executive and independent director, will also be stepping down at the AGM after serving for 11 years on Sembcorp’s board.
Ang, who was chairman of Sembcorp since 2010, presided over the board during the group’s period of transformation. His chairman oversaw the internationalisation of Sembcorp’s operations to the demerger of the group’s stake with Sembcorp Marine (SembMarine).
“Mr Ang’s chairmanship has been characterised by his visionary leadership, strong business acumen and focus on value creation driven by his deep sense of purpose and stewardship,” says Sembcorp in its Feb 22 statement.
“It has been a rewarding and fulfilling journey serving as chairman of Sembcorp. I am grateful and privileged to have contributed to and witnessed the transformation of Sembcorp, and to have worked with so many committed and talented members of Sembcorp’s board and management over the years,” says Ang.
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“I am confident that Sembcorp under Heng Tan’s leadership, with his extensive business and management experience and passion for sustainability, will continue to deliver performance and growth as it executes its brown to green transformation strategy,” he adds.
Tow was first appointed to the board on June 1, 2021, and appointed as the group’s deputy chairman on April 21, 2022. He concurrently serves as a member of the executive committee, executive resource & compensation committee (ERCC) and nominating committee (NC). Tow is also currently the CEO of private equity firm Pavilion Capital International. He has also held previous senior leadership positions in Temasek International.
“Kong Hua has been instrumental in Sembcorp’s transformation into the regional renewable energy and integrated urban solutions leader it is today”, says Tow. “I am deeply honoured to be entrusted to succeed him as chairman. Together with the rest of my fellow directors, our group CEO Kim Yin and the Sembcorp team, I look forward to building on the strong foundation set by Kong Hua for Sembcorp’s continued success and growth.”
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Tow also thanked outgoing board member Tham for his “dedicated service”.
“With his strong management background in various industries, including over a decade of experience in the real estate sector, Sembcorp has benefitted greatly from Kui Seng’s deep insights and wise counsel,” he says.
As Tow will be a non-independent chairman, Lim Ming Yan will be appointed as the lead independent director effective April 20. He will also take over as chairman of the ERCC and NC respectively and be appointed as a member of the executive committee. Lim will relinquish his role as a member of the risk committee.
Shares in Sembcorp closed 2 cents higher or 0.54% up at $3.76 on Feb 21.
