Danny Teoh, currently chairman of Keppel Corp’s audit committee, will succeed Dr Lee, a former long-serving minister. Dr Lee, who held this position since July 2009, led Keppel through the big oil boom which lifted its earnings, but also the subsequent woes when lower oil prices caused demand for its offshore and marine business to drop. Dr Lee calls Keppel is a flagship Singapore company with a celebrated international profile, whose development and progress mirrored the growth of modern Singapore for more than five decades.
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“We enjoyed many years of great success but also suffered some setbacks,” he says. “Inspired by a deeply embedded Can-Do spirit, Keppel has always emerged stronger and fitter from adversity. I am confident that Danny, with his sharp business acumen and deep expertise in governance, finance and risk management, will provide effective leadership to the Board and management as the Group continues its growth and transformation.”