Kwa Chong Seng appointed new SGX chairman, steps down from Olam's board

THE Singapore Exchange (SGX) has appointed a new chairman, Kwa Chong Seng, who will in turn step down from Olam International's board to devote time to the new responsibilities.

Mr Kwa will succeed outgoing SGX chairman Chew Choon Seng, who has been at the helm of the exchange since January 2011.

Mr Chew said Mr Kwa's capabilities, experience and accomplishments in industry, business and public service are well known and highly regarded. "SGX will definitely be well steered," he said.

Separately, Olam said it has accepted Mr Kwa's resignation as chairman and director of the board with effect from Dec 31 this year and has started the process of identifying a new chairman.

"With my appointment as chairman of SGX effective September 22, 2016, stepping down from the Olam board will allow me more time to devote to my new responsibilities at SGX," said Mr Kwa.

"I would however stay on Olam's board as chairman and independent director until a new chairman is appointed to ensure a seamless handover and oversee an effective transition over the course of the next few months."

The independent non-executive chairman first joined Olam's board in October 2014 as deputy chairman. He was appointed chairman in October last year.

Mr Kwa was also previously chairman and managing director of ExxonMobil Asia Pacific Ltd from December 1999 to October 2011. He holds 20,000 shares in SGX.