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IHH Healthcare chief executive to retire at year-end
LEADERSHIP change is ahead for IHH Healthcare, with managing director and chief executive officer Tan See Leng stepping down at year-end to be replaced by former Mount Elizabeth Hospital CEO Kelvin Loh.
This comes after Japan's Mitsui & Co became the majority owner of the group, having raised its stake to 32.9 per cent after buying an additional 16 per cent interest from Malaysia's sovereign wealth fund Khazanah for RM8.42 billion (S$2.8 billion) last November.
Khazanah's trimming of its stake followed its own leadership shake-up in July 2018 after Malaysia's general election, when its board of directors - including IHH non-executive chairman Mohammed Azlan Hashim - resigned en masse.
Dr Tan, 54, has held his current roles in IHH since 2014. He is known for having executed the multiple acquisitions which helped IHH become Asia's biggest healthcare group over the last decade.
His 15-year career with the group included senior leadership roles such as Parkway Holdings CEO and Parkway Pantai CEO and MD. He also led the dual listing of IHH in 2012.
In a release on Monday after market close, IHH said that Dr Tan "has elected to retire upon the completion of his contract period" on Dec 31, 2019, and that the board has accepted his request.
Said Dr Tan: "Having laid the groundwork for the next phase of IHH's journey, it is an opportune time to pass the baton. I look forward to ensuring a seamless transition for the business."
Dr Loh, 45, will join as CEO-designate and executive director "to undertake a transitionary process" from July 1, and succeed Dr Tan with effect from Jan 1, 2020.
Dr Loh rejoins the company from Columbia Asia Group, where he has been CEO since 2017. He had previously joined IHH in 2008 and held a number of senior management roles between 2008 and 2017, last serving as CEO of Parkway Pantai's Singapore operations division before he left.
Of Dr Loh's return, IHH said: "His appointment follows an extensive global search by an independent international recruitment agency."
Said Dr Loh: "I am excited and honoured by this appointment, and look forward to working with the many experienced leaders and partners across IHH's global platform.
"I worked with Dr Tan for a number of years and had the privilege of having him as my mentor. I look forward to building on Dr Tan's strong legacy at the IHH Group."
Mr Azlan acknowledged Dr Tan's "immense contributions to building IHH" and welcomed Dr Loh back to the group. "Kelvin has relevant experience having managed IHH hospitals in Singapore, and Columbia Asia hospitals in IHH's home markets of Malaysia and India," he noted.
IHH has 83 hospitals across 12 countries, with its three operating subsidiaries of Parkway Pantai, Turkish private healthcare provider Acibadem, and India's Fortis Healthcare.
IHH shares closed up one Singapore cent or 0.58 per cent at S$1.74 on Monday before the announcement.