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ST Engineering CEO to retire next year

ST Engineering's president and chief executive officer, Tan Pheng Hock, has decided to retire from the position next year, the mainboard-listed defence technology firm said in a bourse filing on Wednesday.

It added that the board has chosen his successor, Vincent Chong Sy Feng, who will start to oversee the group's four business sectors on top of his current responsibilities from Oct 1.

Mr Chong, 45, is the group's deputy CEO of corporate development, a role he has held since December 2014.

Mr Tan, 58, was on medical leave after a mild stroke but has resumed duties and will be working closely with Mr Chong to ensure a smooth leadership transition, the group said.

Group chairman Kwa Chong Seng said in the statement on Wednesday that the board welcomed Mr Tan back at the helm and looked forward to his "continued mentorship of Vincent during this transition".

Separately, ST Engineering said in another filing on Wednesday that ST Aerospace's unit, ST Aerospace Systems, has paid S$8.15 million in cash to buy the remaining 50 per cent of Singapore Precision Repair and Overhaul (S-PRO) that it did not already own.

S-PRO, based in Singapore, does repair and overhaul of aircraft landing gear systems and components. The seller of the stake was Messier-Bugatti-Dowty (Safran), a French company that makes aircraft landing gear.

ST Engineering shares closed two cents higher at S$2.98 before the announcements.