Thu, Oct 01, 2020 – 7:51 AM
UPDATED Thu, Oct 01, 2020 – 9:22 AM
SINGAPORE Telecommunications’ (Singtel) group chief executive officer (CEO) Chua Sock Koong is retiring after 31 years with the company.
Ms Chua, 63, will retire as executive director and group CEO with effect from Jan 1, 2021.
Yuen Kuan Moon, who is CEO of Singtel’s Singapore consumer business and the chief digital officer, will succeed her.
According to the telco, Mr Yuen’s appointment comes after a global search that considered both internal and external candidates.
Mr Yuen, 53, joined Singtel in 1993. He previously held other leadership positions in the company including in areas such as marketing, business development and sales before his appointment as CEO of consumer Singapore in 2012.
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He has been appointed group CEO-designate and will assume the role of group CEO upon Ms Chua’s retirement, Singtel said.
Meanwhile, Ms Chua will stay on as senior adviser to the chairman to assist with the transition.
As at Oct 1, Ms Chua has a direct interest of nine million shares in the mainboard-listed company. She also has a deemed interest of three million shares, including about 28,000 shares held by her spouse, and some 2.9 million shares awarded to her from Singtel’s 2012 performance share plan.
Separately, Mr Yuen has a direct interest of 1.2 million shares in Singtel as at Oct 1. He also has a deemed interest of 5.8 million shares, including about 6,400 shares held by his spouse, 4.1 million shares held by DBS Trustee and 1.7 million shares awarded to him according to Singtel’s 2012 performance share plan.
The shares awarded to Ms Chua and Mr Yuen under Singtel’s performance share plan are subject to certain performance criteria being met and other terms and conditions.
The counter closed at S$2.12 on Wednesday, up S$0.02 or 1 per cent.