Sembcorp Industries (Sembcorp) has announced that its Group President & CEO, Tang Kin Fei will retire on 31 March 2017 after 30 years with the Group and will be succeeded by Neil McGregor with effect from 1 April 2017.
Sembcorp stated that Mr Tang, has led Sembcorp as Group President & CEO since 2005, will remain as Advisor and as a non-executive director on the board of Sembcorp until 31 May 2017.
His successor, Mr McGregor, a New Zealand national, is well-known in the local industry and a director on Sembcorp Industries’ board. Mr McGregor has an extensive international track record in the energy and infrastructure sectors, as both a portfolio manager and as an operating CEO.
He was previously the Managing Director of YTL PowerSeraya, the second largest power generation company in Singapore.
He then became the CEO of Singapore LNG Corporation, the company that the government set up in 2009 to push the city-state’s ambition to become the region’s LNG hub.
Currently, Mr McGregor is Senior Managing Director and Head of Energy & Resources at Temasek International.
Ang Kong Hua, Chairman of Sembcorp Industries, said, “I am pleased to announce Neil’s appointment, after what has been a very rigorous succession planning process carried out by Sembcorp’s board of directors. With today’s volatile economic environment and changing market dynamics in our industry sectors, we believe we have selected a strong leader for Sembcorp.”
“Neil is not new to Sembcorp. As a member of the board since 2014, he understands Sembcorp and our different businesses well. He comes with deep expertise in the energy and infrastructure sectors as well as strong international operating experience. With Neil’s proven leadership abilities and track record of execution, the board has every confidence that he will be able to lead Sembcorp into our next stage of development and growth,” he added.
Mr Ang added, “Kin Fei has been an outstanding chief executive. Under his visionary and astute leadership, Sembcorp’s businesses have grown into leading players in their industry sectors. Kin Fei spearheaded the development of our Utilities businesses, which has today become the Group’s largest profit contributor. The board and I would like to express our heartfelt appreciation for everything he has achieved and the strong foundation he has laid for Sembcorp.”
Mr McGregor said, “I am excited by this opportunity to lead Sembcorp into its next stage of development. I look forward to building on the strong foundation laid by Kin Fei, and most importantly, to working with our team of committed and capable leaders to guide Sembcorp into the future so that we can continue to create and deliver sustainable value.”
Mr Tang said, “Over the last three decades I have been privileged to witness the transformation of Sembcorp into a focused energy, water, marine and urban development group, with operations across 15 countries worldwide. It has also been my pleasure to work with both present and past members of the Sembcorp board, as well as with our committed and passionate team of staff in Singapore and around the world. Sembcorp Industries is now well-positioned for the future.”
“I am confident that Neil will prove an able leader to take the company on to even greater heights,” he added.
Sembcorp is 49.5% owned by Temasek Holdings, an investment company owned by the Singapore Government.