DBS Appoints Wong Ngit Liong and Goh Geok Ling to its Board of Directors
* * *
Yeo Ning Hong and Moses Lee Step Down
SINGAPORE, APR 30, 2004 - DBS Group Holdings (DBSH) announced today it has appointed Mr Wong Ngit Liong and Mr Goh Geok Ling to DBSH's and DBS Bank's boards, following the retirement of long-serving directors, Dr Yeo Ning Hong and Mr Moses Lee.
Mr Wong, 62, one of Singapore's most successful entrepreneurs, is Chairman and CEO of the Venture Group, a Singapore-based company that designs and manufactures electronic and engineering products for many of the world's multinational corporations.
Mr Goh, 63, is Chairman of Tuas Power Limited. Mr Wong's and Mr Goh's appointments take effect on May 3, 2004.
Dr Yeo and Mr Lee stepped down at the Group's Annual General Meeting today.
Dr Yeo has been a director of DBS Bank since 1997 and a director of DBS Group Holdings since 1999. He also served on the Board's Nominating Committee and Compensation Committee.
S Dhanabalan, Chairman of DBSH and DBS Bank said: "Dr Yeo has a keen and analytical mind and is always focused on the 'big picture' and the long term. He has never hesitated to ask challenging, probing questions at Board meetings. The Bank has benefited much from his sharp and incisive contributions."
Mr Moses Lee has been a director of DBSH and DBS Bank since 1999 and has served on DBSH's Audit Committee. He was Chairman of POSBank before its merger with DBS in 1998.
Thanking him, Mr Dhanabalan said: "Mr Lee was closely involved in the merger and integration of POSB and DBS, and was invited to join the DBS Board to provide continuity. He played a significant part in transforming the Group's consumer banking franchise as DBS was able to leverage on the POSB network within Singapore for greater synergies."
Welcoming the two new directors, Mr Dhanabalan said he looks forward to their contributions as they bring a wealth of entrepreneurial and managerial experience to the Board.
Mr Wong was instrumental in the growth of the Venture Group since its inception. Listed on the Singapore Exchange, Venture Corporation Limited has shareholders' funds exceeding $1 billion and has seen its market capitalization grow from a mere $27m at its IPO stage to more than $5 billion today. Today, the Venture Group employs more than 11,000 people in its design, manufacturing and e-fulfillment operations in Singapore, Malaysia, China, Indonesia, USA, Spain and sales offices in the US and Europe.
Among its many accolades, Venture was voted one of the 100 Best Managed Companies in the world by Forbes Magazine of the US in 1994, 1996 and 1998. It was also named a Top Performing Global Growth Company from East Asia by the Geneva-based World Economic Forum in 1997.
Mr Wong himself won the Ernst & Young Entrepreneur of the Year and Master Entrepreneur awards in 2002, and the Businessman of the Year award by DHL Worldwide Express and The Business Times in 1998.
He holds a First Class (Honours) Degree in Electrical Engineering, and MS (EE) degree from the University of California at Berkeley where he was a Fulbright Scholar. He also obtained a Masters in Business Administration degree from McGill University under a Canadian Commonwealth Fellowship.
He also serves on the boards of Singapore Exchange Limited, SIA Engineering Company and International Enterprise Singapore.
Mr Goh started his career as an engineer with the then Public Utilities Board after graduating from Sydney University with a Bachelor of Engineering degree in 1964.
He spent 29 years in the electronics industry before retiring in October 1999.
His last active management role was as Managing Director of Micron Semiconductor Asia Pte Ltd (MSA). Prior to that, he had worked 28 years for Texas Instruments Singapore Pte Ltd before it was bought over by US-based Micron Technology.
Mr Goh is a board member of several companies including SembCorp Industries Ltd, ASTI Holdings Ltd, 02Micro International Ltd, Singapore Technologies Pte Ltd, and PKTech International Ltd. He also sits on the Council of Nanyang Technological University.
DBSH Board of Directors now comprises 14 members, including two executive directors and six non-Singaporeans. They are:
- Mr S Dhanabalan - Chairman
- Mr Jackson Tai - Vice Chairman and CEO
- Mr Bernard Chen Tien Lap
- Mr Fock Siew Wah
- Ms Gail D. Fosler
- Mr Goh Geok Ling
- Mr Kwa Chong Seng
- Mr Leung Chun Ying
- Mr N R Narayana Murthy
- Mr Peter Ong
- Mr John Alan Ross
- Mr Thean Lip Ping
- Mr Frank Wong Kwong Shing
- Mr Wong Ngit Liong
|