Vicom’s long-serving CEO Sim Wing Yew to retire, deputy to step up

[SINGAPORE] Vehicle inspection company Vicom has appointed Chung Tying Chun as its new chief executive officer, with effect from Jan 1, 2027.

He will succeed 58-year-old Sim Wing Yew, who will retire at the end of 2026 after 14 years at the helm.

Chung, who is currently Vicom’s deputy CEO, will also take over Sim’s concurrent roles as director and member of the company’s sustainability and technology committees.

In a bourse filing on Wednesday (Jun 24), Vicom said Chung’s appointment is part of the company’s succession planning to “ensure continuity and a smooth handover”.

It added that the 54-year-old, who has been with the company since 2013, had been groomed for the role. This includes his appointment as deputy CEO in May.

Besides being deputy CEO of Vicom, Chung is also the CEO of its subsidiary Setsco Services, which provides testing, inspection and certification services across multiple industries.

As part of the leadership transition, Chung will resign as Setsco’s CEO on Jul 1. Ng Soon Lee, assistant director of Setsco’s mechanical and electrical technology division, will be acting CEO.

Vicom’s board said Chung is “well qualified” to assume the role of CEO and executive director and to lead its “continued performance and development”, given his leadership capabilities, track record and “deep familiarity” with the company.

Sim added that Chung “knows the business well” and “will take the company forward successfully”. 

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Chung noted that the testing, inspection and certification industry was rapidly evolving, shaped by changing regulatory, industrial and sustainability needs.

“Building on the strong foundations laid by Wing Yew and the team, I look forward to driving disciplined growth, fully leveraging the Jalan Papan Integrated Hub, strengthening our (capabilities) and supporting our customers as they navigate the transition to a greener and smarter future,” he said.

The integrated hub is Vicom’s new S$60 million five-story facility in Jurong, which consolidates its vehicle inspection and non-vehicle testing services.

Meanwhile, Vicom said Sim will be retiring to “manage his personal commitments”.

“(His retirement) is not due to any disagreement with the company,” it added. “He has confirmed that there are no matters requiring disclosure to shareholders.”

Vicom shares closed at S$1.79 on Wednesday, up 0.6 per cent or S$0.01, before the news.