Piyush Gupta to take over as Keppel chairman from Apr 17

SINGAPORE: Keppel deputy chairman Piyush Gupta will succeed retiring chairman Danny Teoh on Apr 17, the company announced on Thursday (Feb 5).

Mr Teoh will retire as Keppel chairman immediately after the company's upcoming annual general meeting on Apr 17, and Mr Gupta will be appointed as non-executive chairman and independent director on the same day.

Mr Gupta has been Keppel's deputy chairman and a non-executive independent board director since July 2025. The 66-year-old is also part of the company's nominating, remuneration and board sustainability and safety committees, and will continue to serve in those roles.

Mr Teoh, 70, has served as a Keppel director for over 15 years and as its chairman since April 2021.

Keppel noted that he presided over the board during an "exciting phase in its history, as the company divested its offshore and marine business and transformed from an industrial conglomerate into an asset-light global asset manager and operator, focused on infrastructure, real estate and connectivity".

Keppel's share price also more than tripled during Mr Teoh's five-year chairmanship, the company added.

Mr Gupta paid tribute to Mr Teoh for his leadership and "invaluable contributions" to Keppel.

"I look forward to working closely with the board and management to continue driving Keppel’s growth story as it reinvents itself as a global asset manager with strong operating capabilities."

On his successor, Mr Teoh said: "Piyush is a highly respected business leader and I am very confident that under his chairmanship, Keppel will continue to grow and scale new heights."

"It has been an exciting journey over the past 15 years, as Keppel weathered the downturn in the offshore and marine sector as well as the COVID-19 pandemic, and shed its conglomerate structure to become a global asset manager and operator."

Keppel CEO and executive director Loh Chin Hua added that Mr Gupta has provided "valuable advice" in the "sharpening and execution" of Keppel’s strategy since joining the board.

Mr Gupta was CEO of DBS Group from November 2009 until his retirement in March 2025, during which he led the bank to become a global financial powerhouse, Keppel noted.

He is also currently the chairman of investment group Temasek India and an alternate member of the Council of Presidential Advisers - which advises the president in the exercise of his custodial powers to safeguard Singapore's reserves and uphold the integrity of the public service - among other appointments.

Its board will comprise a total of eight directors, seven of whom are independent directors, following Mr Teoh's retirement.

Keppel separately released its FY2025 report on Thursday. It logged a 29 per cent rise in full-year profit on Thursday, supported by improved performance across its three segments and higher recurring income.

The asset manager's profit from continuing operations rose to S$1.02 billion (US$801 million) for the year ended Dec 31, from S$787 million a year earlier.

The firm declared a final dividend of 19 cents per share, unchanged from the year-ago period.

Keppel also declared a special dividend of 13 cents from proceeds unlocked from asset monetisation, with divestments of S$2.9 billion in 2025.

Shares of the company rose as much as 3.3 per cent to a record high level of S$11.31 in early trading.