SINGAPORE: Speaker of Parliament Seah Kian Peng will step down from his role as group CEO of NTUC Enterprise and from the boards of its social enterprises.
“This will enable him to carry out his duties as Speaker with singular focus and commitment,” NTUC Enterprise said in a media release on Monday (Aug 7).
Ms Adeline Sum, the current deputy CEO, will replace Mr Seah from Oct 1.
Mr Seah was sworn in as Singapore’s 11th Speaker on Aug 2, filling the position vacated by Tan Chuan-Jin who resigned from parliament over an affair with fellow MP Cheng Li Hui.
The NTUC Enterprise group comprises companies like Singapore’s largest supermarket chain NTUC FairPrice, NTUC First Campus, NTUC Foodfare, NTUC Health and NTUC Income.
Mr Seah, 61, had spent a large part of his career with the NTUC group of companies, helming different portfolios.
He stepped down last year as group CEO of NTUC FairPrice, a role he held concurrently with his appointment as CEO of NTUC Enterprise.
Announcing the leadership change on Monday, chairman of NTUC Enterprise Lim Boon Heng said leadership renewal and succession planning are high priorities for the board.
“A systematic and structured process is in place for annual review to nurture staff for senior positions,” said Mr Lim as he paid tribute to Mr Seah for his contributions over nearly two decades.
“Under his leadership, NTUC Enterprise and its social enterprises have achieved several notable milestones, especially in ensuring the continued availability of daily necessities during the COVID-19 pandemic, as well as in implementing various measures to moderate the cost of living amidst high inflationary concerns,” said Mr Lim.
NTUC Enterprise also launched its first digital bank, Trust, during Mr Seah’s tenure. Trust is a collaboration between StanChart and the FairPrice Group.
“The board records its thanks and appreciation to Kian Peng for his dedication and commitment and wishes him the very best in his new parliamentary role,” said Mr Lim.
NEW GROUP CEO
Incoming group CEO Ms Sum has more than three decades of experience holding different portfolios across NTUC and NTUC Enterprise.
Describing her as an “accomplished leader with a proven track record of success”, Mr Lim added: “With a deep understanding of the industry and keen dedication to our employees, customers and stakeholders – she is in a strong position to take over the reins.”
Mr Seah said it has been a privilege to serve at NTUC Enterprise.
“Together with our management team, we have developed a sustainable road map to embark on our transformational journey with our social enterprises to ensure that we remain relevant to the community,” he added.
“I am confident that through the continued dedication of the management team, NTUC Enterprise will grow from strength to strength for many years to come.”