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SINGAPORE : The chairman of the Singapore Exchange (SGX), J Y Pillay, will step down at the end of the year.
SGX board member and outgoing SIA CEO Chew Choon Seng will take over the chairmanship from January 1 next year.
Mr Pillay has served as SGX chairman since its incorporation on 18 November 1999.
Prior to that, during the course of 1999, he led the team that planned and managed the process of merger and demutualisation of SGX's predecessors, namely, the Stock Exchange of Singapore and the Singapore International Monetary Exchange.
A year later, on 23 November 2000, SGX achieved a self-listing on its own exchange.
SGX said during Mr Pillay's tenure, a strong culture of corporate governance as a listed company and market regulator was internalised.
At the same time, SGX actively promoted the practice of an enduring culture of corporate governance among listed companies in Singapore.
Mr Pillay said it has been an exhilarating time for him, helping SGX develop in the context of a rapidly evolving exchange industry.
Observers have lauded him for his key role in driving good corporate governance.
David Gerald, President & CEO, Securities Investors Association (Singapore), said: "SIAS is extremely grateful for his strong support and encouragement given to us during his chairmanship at SGX.
"He readily accepted our invitation to become our first Distinguished Honorary Member, thus demonstrating his support for the retail community. We are greatly indebted to him. His absence as chairman of SGX will be strongly missed.
"We welcome Mr Chew Choon Seng, the successor who has also been a strong supporter of our investor education programmes for many years at the helm of SIA and we are confident that he will continue to give us the same support."
Mr Chew is no stranger to SGX, having served on the Board in the past six years.
His appointment comes just days after a successor for his current post as CEO of Singapore Airlines was named. He is set to retire at the end of the year from the post, which he has held since 2003.
Observers believe Mr Chew's leadership experience will put him in good stead.
Associate Professor Mak Yuen Teen of the NUS Business School said: "I am glad that they have appointed a chairman with senior management experience with a global company.
"Although his working experience is not in this industry, the fact that he has been on the board for six years will help, and with his retirement from SIA, he would be able to devote even more time to learning about the industry.
"Therefore, he should have the necessary ingredients of leadership skills and industry knowledge. I hope that he will continue the momentum set by Mr Pillay in raising corporate governance standards at the SGX, and initiatives to raise standards for other companies listed on the SGX."
- CNA/al
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