KHOO LOSES TOP POSITION AT PSA PORT GROUP
Khoo Teng Chye will step down as group president of Singapore-based PSA Corp., the world’s second largest global container port group.
PSA Corp. announced the sudden departure of Khoo, effective tomorrow (May 1), and gave no reason for his move.
Khoo joined PSA in 1996. Last December, PSA appointed a second group president alongside Khoo, and announced a sharing of his former responsibilities.
“During his six years with PSA, he helped steer PSA through its transformation from a statutory board to the multi-national company it is today,” the Singapore-based port group said. “Corporatized in 1997, the company expanded internationally into China, Europe, the Middle East and South- and Northeast Asia, as well as develop new businesses like logistics, marine and Portnet.com, PSA’s e-business subsidiary,” it added.
Khoo’s departure from PSA follows the publication by the large port group of lower revenue, operating profit and container traffic figures for 2001.
He will now join Mapletree Investments Pte Ltd., a wholly-owned subsidiary of state-controlled Temasek Holdings, as its president and chief executive officer. Khoo will also continue to be chairman of Changi International Airport Services, a subsidiary of PSA.
Khoo will be replaced by Ng Chee Keong, the other group president of PSA, and Grace Fu, the group’s chief financial officer.
The information technology division and the engineering division will report to Ng. Ng joined PSA in 1971 and has held senior positions in the company in the property, management services, administration and operations divisions during his career. He was promoted in January to group president, overseeing the strategic business group of PSA.
The finance and human resource divisions, legal and corporate affairs departments will report to Fu. Effective May 1, Fu will be promoted to deputy group president (corporate services) and will continue as CFO. Fu joined PSA as assistant director (finance) in 1995.
Both Ng and Fu will report to Yeo Ning Hong, chairman of PSA.