SIA chairman to step down

SIA chairman to step down

SINGAPORE: Koh Boon Hwee will be stepping down as chairman and director of Singapore Airlines (SIA) at the end of the year to take over as chairman of DBS Group Holdings, Southeast Asia's largest bank, the companies announced on Wednesday.

Stephen Lee Ching Yen, a former chairman of PSA International, will be proposed to the board to follow Koh as SIA chairman on Jan. 1 as part of the shakeup at two of the city-state's major companies.

Former cabinet minister S. Dhanabalan will relinquish his DBS chairmanship at the end of 2005 to devote more time to his chairmanship of Temasek Holdings Ptd Ltd, the government-owned investment company, DBS said.

Dhanabalan joined DBS in 1993 after retiring from 13 years in the cabinet.

Koh, previously chairman at Singapore Telecommunications, joined the SIA board in March 2001 and became chairman in July 2001.

Under Koh, "SIA maintained its loss-free record despite very adverse operating conditions," the flag carrier said.

SIA achieved record profits close to S$1.4 billion (US$833 million) in the last financial year of 2004-2005. -- DPA