SP Group CEO Wong Kim Yin to succeed Sembcorp chief from July 1

SEMBCORP Industries will be appointing a new group president and chief executive officer (CEO) to take over from Neil McGregor, who will retire on June 30, said the firm in a statement on Monday.

Wong Kim Yin, CEO of leading utilities provider SP Group, will assume Mr McGregor's role from July 1, 2020.

Mr Wong has more than 20 years of experience in the energy sector and in investment management. Formerly the senior managing director of investments at Temasek International, he was responsible for investments in various sectors, including the energy, transportation and industrial clusters.

Prior to Temasek, he worked for The AES Corporation, a power company listed on the New York Stock Exchange. He is also the chairman of SkillsFuture Singapore, a government agency under the Ministry of Education.

Sembcorp chairman Ang Kong Hua said the the board has been "working for some time" on leadership succession for Sembcorp. Mr McGregor, who was a member of the board before becoming CEO in 2017, has "done a good job over the last three years to set out our new strategy to reposition Sembcorp and begin our transformation journey", he added.

"With a strong and proven track record of leadership, we have every confidence that Kim Yin is the right person to lead Sembcorp in our transformation to be an integrated player, providing energy and other solutions towards a sustainable world," said Mr Ang.

Mr Wong said: "Sembcorp's purpose to play a part in creating a sustainable future with energy and innovative solutions is one that resonates with my own values and vision. I am excited to have the opportunity to lead Sembcorp at this important juncture of its strategic development and growth."

SembCorp shares closed down nine Singapore cents - or 5.49 per cent - to S$1.55 on Monday.