Yeo Hiap Seng CEO retires, former DBS banker to take over

YEO Hiap Seng's (YHS) group CEO Tjong Yik Min is retiring from April 30 next year, to be succeeded by former DBS banker Melvin Teo.

Mr Tjong, who is 62, joined YHS as its president and chief operating officer in July 2002, and was appointed to his current position on April 2010.

Under him, the group successfully privatised Yeo Hiap Seng (Malaysia) in 2012, and streamlined group-wide operations.

"The board is deeply appreciative of Yik Min's leadership and transformation of YHS since he became CEO. He had indicated his desire to retire by the end of 2014, but when Melvin could not join YHS until January 2015, he agreed to postpone his retirement for four months to allow for an overlap and orderly handover of duties," said YHS chairman Koh Boon Hwee.

Mr Teo, 43, will be appointed executive director and CEO designate from Jan 1, and take the role of the group CEO from April 24 next year.

Mr Teo had been the president director of PT Bank DBS Indonesia since October 2012, and before that, the CEO of DBS Bank (China) from January 2010 to September 2012, where he was credited with growing the bank's China franchise rapidly. Before joining DBS Bank in July 2005, he was with Standard Chartered Bank and Bank of America.

He is a graduate of Nanyang Technological University, with a bachelor degree (first class) in business.

"With a properly planned handover, we look forward to a seamless leadership transition, and for Melvin to build on the foundation laid, especially the new plants coming up in Indonesia and Cambodia, and take YHS to yet another level," added Mr Koh.