Yeo’s chairman Daryl Ng to step down, veteran banker Na Wu Beng to succeed him
Yeo Hiap Seng announced on Tuesday (Mar 25) that its board chairman Daryl Ng will step down from his role after its upcoming annual general meeting on April 23.
Ng, 46, who has served as board chairman for around five years, will concurrently step down from his role as non-independent, non-executive director after the AGM.
He will be succeeded by Na Wu Beng, who has served as deputy chairman and independent director since 2023.
Na will be replaced by Edward Averrill Ng, a non-independent, non-executive director of the company since Mar 1, 2024 who is the cousin of the outgoing board chair.
Both Daryl Ng and Edward Ng are grandsons of the late real estate tycoon Ng Teng Fong, who founded Far East Organisation, one of Singapore’s largest private landlords and property developers.
Daryl Ng is the son of Singapore billionaire Robert Ng and Edward Ng is the son of FEO chief executive officer Phillip Ng. The Ng family is a substantial shareholder of YHS.
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Ng was first appointed as a director in 2018 and helmed the board as chairman from 2020. During his tenure, he led Yeo’s turnaround from losses to profits, steered it through the transformation of its business and rejuvenated the board with key appointments to enhance expertise and diversity, the company said on Tuesday.
“Under his leadership, Yeo’s reinvigorated its brand, accelerated innovation, and reinforced its market leadership in the Asian drinks segment in Singapore and Malaysia, all the while maintaining a debt-free balance sheet with robust cash reserves,” the company said.
Reflecting on his tenure, Ng said: “It has been a privilege to serve Yeo’s. I am proud of our collective achievements and confident that under Mr. Na’s leadership, Yeo’s will continue to reach new heights.”
Na, a veteran banker with over four decades of experience, has a wealth of leadership experience under his belt, having held pivotal roles across OCBC Group’s Singapore, Hong Kong, Indonesia, and China operations.
He has served as Yeo’s deputy chairman for nearly two years and currently serves as director of the Bank of Singapore, commissioner of PT Bank OCBC NISP Tbk (Indonesia), and director of OCBC Bank (China).
Na said: “I am honoured to take on this role and deeply grateful to Mr. Daryl Ng for his outstanding leadership and contributions. His vision and leadership have set a strong foundation for Yeo’s, and I look forward to building on this legacy to drive the company’s continued growth and success.”
Incoming deputy chair, Ng, brings extensive leadership experience from his role as director at Far East Organization, the company added.
The counter ended Monday 1.7 per cent or S$0.01 lower at S$0.57.