Lim Jit Poh will retire as chairman of SBS Transit after holding the position for 18 years since his appointment in 2003. He will remain as senior advisor of the company following the annual general meeting (AGM) to be held on April 29.

Lim had joined SBS Bus Services as a director in 1997 and subsequently sat on the board of DelGro Corporation after SBS was restructured.

Besides Lim, non-executive independent directors Benny Lim and John De Payva will also be retiring at the upcoming AGM having reached the end of their term under the normal rotation rules.

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In a media statement dated March 24, the chairman says the time is right to hand over the reins to a new chairman that will lead the group through its next phase of growth.

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“This is part of the renewal of the board which began four years ago. The board, as it stands now, is well balanced in terms of tenure, age and gender. The strength and expertise that is currently in place will be well placed to ensure that SBS Transit grows from strength to strength going forward,” he says.

Shares in SBS Transit closed 1 cent or 0.33% lower at $3.06 on March 24.