Lim Jit Poh, who is the founding chairman of Vicom, will be retiring after nearly 40 years at its helm. Lim has been the group's founding director and chairman since 1985.
Following his retirement, Lim will be given the title of emeritus chairman. He will also remain as senior advisor to Vicom to provide continuity to the group.
Speaking at his last annual general meeting (AGM) for Vicom, Lim also said that he will not be standing for re-election at ComfortDelGro (CDG)’s 2023 annual general meeting (AGM) as well.
Lim first announced his intention to retire from CDG in the group’s annual report that was released on March 31.
“I am supposed to retire next year under the practice of rotational director retirement rules. However, I have decided to step down a year earlier. This is a logical follow up to my retirement at SBS Transit last year. Accordingly, I shall not put myself up for re-election at the 2023 ComfortDelGro AGM next year. This has been my plan,” he says.
He adds that Vicom has a “special place” in his heart after 40 years with the company.
See also: SBS Transit Chairman Lim Jit Poh to retire after 18 years, will remain as senior advisor
Vicom, which began as a vehicle inspection centre with just two inspection lanes, is now Singapore’s largest vehicle inspection company with 35 inspection lanes across seven centres islandwide.
“Significantly, we have expanded beyond just vehicle inspection and now provide a broad range of non-vehicle testing services serving the construction, marine & offshore, oil & gas, aerospace, electronics, food, water and biochemical industries. Having seen it grow through the decades, I believe the time is right for me to hand over the reins to a new chairman who will lead the group through its next phase of growth,” he says.
Following Lim’s retirement, Vicom director Dr Tan Kim Siew, will take over as chairman with affect from April 27.
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Tan is also chairman of the nominating and remuneration committee. He is also an independent non-executive director of SBS Transit Ltd.
Vicom, which is 67%-owned by CDG, embarked on a board renewal exercise in 2018. Age, gender and skills diversity formed the basis on which it was formed, reads the statement released by the company.
As at 4.52pm, shares in Vicom are trading 1 cent lower or 0.48% down at $2.09.
