AS PART of its board renewal process, the Singapore Exchange : S68 0% (SGX) on Thursday (Aug 18) announced that its current chairman Kwa Chong Seng, will be stepping down on Dec 31.

Taking over his role is Koh Boon Hwee, who was appointed to the board in March this year. Koh begins his duties as chairman on Jan 1, 2023.

“Mr Kwa Chong Seng’s contributions to SGX Group have been outstanding,” said Ravi Menon, managing director, Monetary Authority of Singapore (MAS). “As chairman, he successfully led SGX Group to position itself as a multi-asset exchange and a leading and trusted market infrastructure in Asia.”

Kwa has been SGX’s chairman since Sep 23, 2016. He was first appointed as a director to the board in September 2012, and has served as chairman of both the nominating and governance committee, and the remuneration and staff development committee since September 2013. He has also been the Singapore bourse’s lead independent director since Dec 1, 2013.

“It has been, and continues to be, a privilege to serve alongside a dedicated board and highly experienced and professional management team,” said Kwa.

“In the past 10 years I have been on the board, the company has grown from strength to strength and is well-positioned to take on the opportunities and challenges of tomorrow.

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“I look forward to handing over the reins next year to Boon Hwee, whom I am confident will lead SGX Group to even greater heights with his vast experience and extensive connections,” he added.

Koh, who was previously Nanyang Technological University’s longest-serving chairman, said he was honoured to have the opportunity to serve as chairman of the SGX.

Said Menon: “MAS welcomes SGX Group’s announcement of its leadership renewal and looks forward to working with its incoming chairman, Mr Koh Boon Hwee, in the next phase of SGX Group’s development.”