- POSTED: 18 Jul 2014 19:33
- UPDATED: 18 Jul 2014 19:38
Dr Cheong will step down as OCBC Chairman after 11 years at the helm, and will be succeeded by Ooi Sang Kuang.
SINGAPORE: Dr Cheong Choong Kong will retire as Chairman of OCBC's Board of Directors on Aug 31, after serving in that position for 11 years. He will be succeeded on Sep 1 by Mr Ooi Sang Kuang, who is currently the non-executive lead independent director of the Board, as well as Chairman of the Board of OCBC Bank (Malaysia) Berhad.
Dr Cheong, 73, was appointed as a director of OCBC Bank on July 1, 1999. From March 2002 to June 2003, he served as Vice Chairman of the Board before being appointed Chairman on July 1, 2003. He became a director of Great Eastern Holdings in 2005.
In a statement on Friday (July 18), OCBC says that during his 11-year tenure as Chairman, Dr Cheong was instrumental in the implementation of many initiatives which were of strategic importance to the proper positioning and continued growth of the Bank. He will remain a director of OCBC Bank and Great Eastern Holdings.
Mr Ooi, 66, was appointed to the Board of OCBC Bank on February 21, 2012. On Oct 31, 2013, he was appointed the non-executive lead independent director of the main Board. He became Deputy Chairman of the Board of OCBC Bank (Malaysia) Berhad on Nov 27, 2012, and was made Chairman on March 30.