Kwa Chong Seng, the chairman and independent director of Singapore Technologies Engineering (ST Engineering) S63 will be stepping down from his position after the group’s annual general meeting (AGM) on April 20.
Kwa will be stepping down as part of the board renewal process after over 10 years in the position. Kwa was appointed to the board on Sept 1, 2012 and has served as chairman since April 25, 2013.
Teo Ming Kian, the group’s deputy chairman, will replace Kwa as chairman. Teo was appointed to the board as an independent director on Aug 1, 2021 and has been the group’s deputy chairman since April 21, 2022.
Under Kwa’s tenure, ST Engineering “embarked on a transformation journey to pivot towards global and sustainable long-term growth”. The group’s revenue grew from $6.6 billion in 2013 to $9.0 billion in 2022.
“Chong Seng’s guidance to the group were numerous and impactful. Among others, he supported the group in leveraging scale, enhancing productivity, improving enterprise risk management, and re-designing the organisation structure to strengthen the group’s foundation for future success,” reads the statement by ST Engineering on Feb 24.
“Through his effective chairmanship, the group is now better positioned to execute its strategy of strengthening its core businesses and pursuing growth in smart city and international defence businesses,” continues the statement.
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“It is an honour to serve as chairman of ST Engineering. My priority has always been to help accelerate value creation for our shareholders and all other stakeholders based on a clear path forward and supported by a strong governance framework. I am confident that ST Engineering, under the chairmanship of Ming Kian, will continue to build on its strengths and excel in the years ahead as the group continues to move towards its vision of becoming a global technology, defence and engineering powerhouse,” says Kwa.
“On behalf of my fellow directors and the management team, I would like to acknowledge with deep appreciation, Chong Seng’s strong leadership and significant contributions to ST Engineering,” adds Teo. “Chong Seng has been most generous with his time regularly sharing his experience in and insights on ST Engineering since my appointment to the board, preparing the succession to continue the path of delivering sustainable long-term growth and value creation.”
Shares in ST Engineering closed 2 cents higher or 0.57% up at $3.55 on Feb 23.
