Heeton Holdings CEO Eric Teng to step down in October

Heeton Holdings Limited on Tuesday announced that Eric Teng will be stepping down as its chief executive officer and executive director with effect from Oct 1.

Mr Teng will remain on the board of directors as a non-executive, non-independent director.

Heeton Holdings has appointed Toh Giap Eng, Vince, the incumbent executive deputy chairman and executive director of the group, to assume the responsibilities of CEO while the group searches for a suitable successor.

Under Mr Teng's leadership, Heeton grew its portfolio to 12 operating hotels across the United Kingdom, Japan and Thailand, as well as an ongoing development in Bhutan. Heeton also continued to strategically participate in residential development projects in Singapore.

In a press statement, non-executive chairman Toh Khai Cheng said the board expressed its heartfelt appreciation to Mr Teng for his contributions to the group during his tenure.

"His achievements at Heeton speak for themselves, and we are grateful for his leadership over the last four years as he led the group through a remarkable phase of growth, particularly in the hospitality sector," said Mr Toh. "We are pleased that Eric has agreed to remain on the board as a non-executive, non-independent director, and we wish him the best in his future endeavours."