Wee Cho Yaw will step down as the chairman of the board at United Overseas Insurance (UOI) U13 , announced the group. He will retire by rotation and not seek a re-election at the group’s annual general meeting (AGM), which will be held on April 14.
Wee was appointed to the role on Feb 17, 1971. Upon his retirement, Wee will be appointed as chairman emeritus of the group.
His elder son, Wee Ee Cheong, will become the next chairman, non-executive and non-independent director of the group upon the elder Wee’s retirement.
The younger Wee is also the deputy chairman and CEO of United Overseas Bank (UOB).
The elder Wee will also step down from his position as chairman and director of Singapore Land Group effective March 31.
Upon his retirement, his son, Wee Ee Lim, will become Singapore Land Group’s next chairman.
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At the same time, UOI's first managing director, Hwang Soo Jin, will also be stepping down from his role as UOI's director at the next AGM on April 14. Like the elder Wee, Hwang will retire by rotation and not seek a re-election at the AGM.
Shares in UOI closed 1 cent lower or 0.15% down at $6.50 on Feb 28.
