Published April 25, 2009

Lee Boon Yang to be Keppel chairman

Lim Chee Onn stepping down on June 30

By VINCENT WEE

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CHANGES at the top was the big news of the day at the Keppel Corp annual general meeting yesterday.

LEE BOON YANG Retired from government at the end of last month but continues to serve as MP

Non-executive chairman Lim Chee Onn will step down with effect from June 30, to be succeeded by Lee Boon Yang. Long-serving independent director Lee Tsao Yuan also stepped down to focus on her professional interests and her family. Mrs Lee had also stepped down from OCBC's board for the same reasons.

Mr Lim will, however, continue to be senior adviser to Keppel. When Keppel announced in December that Mr Lim would relinquish his role as CEO but continue as non-executive chairman, the board had then considered it important the company should continue to benefit from Mr Lim's business network and relationships for a period of time so as to ensure a smooth transition in the executive leadership, Keppel said.

'On behalf of the board and management, we would like to extend our deep gratitude and appreciation to Mr Lim for his invaluable contributions to the Keppel Group during the transition period and over the last 25 years of dedicated service when he was part of the executive management of the group,' said lead independent director Tony Chew.

On the appointment of Dr Lee, Mr Lim said: 'Keppel is very privileged that Boon Yang has agreed to accept the appointments as director and chairman of the company. We shall benefit immensely from his vast experience and expertise acquired during his years of service in both the public and private sectors.'

'I thank the Keppel board for appointing me as director and chairman. I shall do my utmost to further Keppel's extensive business interest in the global market and to enhance shareholder value,' said Dr Lee.

'Mr Lim's service and contributions to the Keppel Group are immeasurable and deeply appreciated. His support, advice and strong strategic relationships, both in the political and business arenas, will continue to bring to bear in the group,' said CEO Choo Chiau Beng.

Mr Lim is a member of the Council of Presidential Advisers and has also previously served on the Cabinet as minister without portfolio in the Prime Minister's Office.

Dr Lee has been in politics for over 20 years, leading various ministries. He retired from government at the end of last month but continues to serve as member of parliament for Jalan Besar GRC.