Singapore’s energy, water, and marine group Sembcorp Industries has announced that its Group President & CEO, Tang Kin Fei, will retire in 2017 after 30 years with the company.
Sembcorp said on Tuesday that Kin Fei would retire on March 31, 2017, and would be succeeded by Neil McGregor, effective April 1, 2017.
Tang, who has led Sembcorp as Group President & CEO since 2005, will remain as an advisor and as a non-executive director on the board of Sembcorp until May 31, 2017.
The departing CEO is a council member of the Singapore Chinese Chamber of Commerce & Industry and serves on several China-Singapore and Middle East-Singapore business councils. He is also a director and member of the governing board of the Cambridge Centre for Advanced Research in Energy Efficiency in Singapore, a research center studying carbon assessment and abatement for the petrochemical industry.
Regarding his departure, 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 in 15 countries worldwide. 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.”
His successor, McGregor, is a director on Sembcorp Industries’ board. He has an international track record in the energy and infrastructure sectors, as both a portfolio manager and as an operating CEO. He was previously the CEO of Singapore LNG Corporation and Managing Director of YTL PowerSeraya.
Currently, McGregor is Senior Managing Director and Head of Energy & Resources at Temasek International.
On his appointment, 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.”
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.
“Kin Fei has been an outstanding chief executive. Kin Fei spearheaded the development of our Utility business, 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.”