‘No one is indispensable’ – UOB’s Wee Ee Cheong says succession plan is in place
What is important is preserving the bank’s current values and culture, says the bank’s chief executive
UOB has its succession plan in place, said UOB’s chief executive Wee Ee Cheong, given that everyone – himself included – has to retire at some point.
Retiring is “a matter of time” for everyone, and no one is indispensable, he said on Thursday (Aug 1).
He was responding to queries on his retirement plans at a media briefing on the lender’s second-quarter results.
“All of us have fought the battle, and we have to prepare for the new ground, to energise the organisation,” he said.
Wee, whose family is the controlling shareholder of UOB, said what is important for him is progressiveness with stability. This means preserving the bank’s current values and culture.
He said having a leader whose values do not align with the bank’s and who is looking to change its direction, would not benefit shareholders and customers.
Commenting on the bank’s current management team, Wee noted that its potential future leaders may already be among its younger staff. “We don’t want surprises; we want them to grow together with us,” he said.
“We have a combination of the old guard and new guard – that is the only practical way to go,” he added.
Wee, who is 71, said at a briefing in March that he is already growing a “timber” of younger colleagues with the potential to take charge when the time comes.
Members of the Wee family are also “more than welcome” in the bank’s succession plans, but only if they have the passion and interest to be part of the team, he said.
He also noted at the time that maintaining the culture of the organisation is important in its succession plans.
In the most recent update to the bank’s management team, UOB’s head of group technology and operations, Susan Hwee, will succeed Eddie Khoo as head of group retail at the bank.
Khoo is retiring from the role to become senior adviser to UOB Vietnam.
