SINGAPORE: NTUC FairPrice’s chief executive Seah Kian Peng has been appointed Group CEO of NTUC Enterprise, with current executive director Kee Teck Koon stepping down effective Oct 1, the cooperative said in a media release on Monday (Sep 9).
Mr Seah’s new appointment will be concurrent to his current role as CEO of NTUC FairPrice, the co-op said.
NTUC Enterprise is the holding entity and single largest shareholder of the NTUC social enterprises.
These social enterprises include NTUC FairPrice, NTUC First Campus, NTUC Foodfare, NTUC Health, NTUC Income, Kopitiam, NTUC LearningHub, NTUC Link, Mercatus and MoneyOwl.
Mr Kee will continue to serve in the NTUC group of social enterprises as director on the boards of NTUC Enterprise, NTUC FairPrice and as deputy chairman of NTUC Income.
"I am pleased to hand over the mantle to the capable hands of Kian Peng, a dynamic and visionary leader, who will lead NTUC Enterprise into the next chapter of its transformation journey," Mr Kee said.
In the media release, the co-op said Mr Kee - who has been its director since 2012 and assumed the role of executive director in January 2017 - was “intrinsic to the formation” of NTUC Enterprise.
During his term as executive director, Mr Kee led various projects including the acquisition of food court operator Kopitiam and NTUC Enterprise’s investment in ST Logistics.
Mr Kee also drove the formation of MoneyOwl in 2018 to raise financial planning awareness.
“Teck Koon has strengthened the bench strength of the NTUC Social Enterprises’ boards and senior management and led the strategic transformation of NTUC Enterprise to meet the challenges of disruption. The group is now on a stronger footing because of his invaluable contributions and leadership,” said chairman of NTUC Enterprise Lim Boon Heng.
Mr Seah joined the National Trades Union Congress's (NTUC) Administration and Research unit in June 1996 and was seconded to NTUC Fairprice in February 2001 as Chief Operating Officer.
He succeeded as CEO (Singapore) in 2010 and as CEO of NTUC FairPrice in 2016.
"NTUC Enterprise’s social mission of doing good and the social impact we create has always resonated with me. To uphold this, we have to ensure we continue to stay relevant and lead in the various industries that we operate in," he said.
"It is a privilege to be asked to serve as NTUC Enterprise’s Group CEO concurrent with my portfolio at NTUC FairPrice."