Singapore’s Keppel Corp appoints new CFO

(Reuters) – Singapore’s Keppel Corp said on Thursday it has appointed Kevin Chng as its new chief financial officer (CFO), effective Jan. 1, 2024.

Chng, who is currently the deputy CFO, will succeed Chan Hon Chew, who will retire by the end of the year, after having served as the company’s finance chief for about 10 years, according to a statement by Keppel.

Chng is actively involved in the company’s restructuring plan, announced in May, when it said it would transform itself to become a global asset manager and operator by dropping its conglomerate structure, the statement said.

Under Chan Hon Chew’s leadership, Keppel sold its core offshore and marine business to local peer Sembcorp Marine for S$4.5 billion ($3.28 billion) earlier this year and privatized various operating units between 2015 and 2019.

Keppel logged a higher nine-month revenue and net profit earlier in the day, boosted by factors including strong performance in its integrated power business.

($1 = 1.3734 Singapore dollars)

(Reporting by Archishma Iyer in Bengaluru; Editing by Sonia Cheema)