Leadership Transition at NTUC Enterprise (NE)7 August 2023
- Seah Kian Peng relinquishes his appointment as Group CEO, NTUC Enterprise (NE) and in its Social Enterprises’ Boards
- Adeline Sum to succeed in the role
- Change to take effect from 1st October 2023
The Board of NTUC Enterprise has announced that Mr Seah Kian Peng will be stepping down from his role as Group Chief Executive Officer and the Boards of its social enterprises (SEs) following his recent appointment as the Speaker of Parliament. This will enable him to carry out his duties as Speaker with singular focus and commitment.
Ms Adeline Sum, the current Deputy CEO, NE will be appointed to replace Kian Peng.
Announcing the change shared with staff today, Mr Lim Boon Heng, Chairman of NTUC Enterprise, noted, “Leadership renewal and succession planning are high priorities adopted by the Board at NE. A systematic and structured process is in place for annual review to nurture staff for senior positions. This practice is part of good corporate governance and it also serves as business contingency and continuity planning to enable the organisation to prepare for any unforeseen circumstances, with different succession options over different time horizons.”
Mr Lim paid tribute to Kian Peng for his leadership roles in NTUC Enterprise and FairPrice Group over nearly three decades.
“Kian Peng who has worked in both the public and private sector, joined the National Trades Union Congress – Administration & Research Unit (NTUC-ARU) in June 1996. He was seconded to NTUC FairPrice in February 2001 as COO and led the group in various capacities. He became CEO of NTUC FairPrice in 2016 and Group CEO when FairPrice Group (FPG) was formed in 2019. That year, he was concurrently appointed as Group CEO, NTUC Enterprise – he relinquished the FPG position in 2022 to concentrate on driving growth and transformation across NTUC Enterprise’s social enterprise clusters.”
“Under his leadership, NE and its social enterprises have achieved several notable milestones; especially in ensuring the continued availability of daily necessities during the Covid-19 pandemic, as well as in implementing various measures to moderate the cost of living amidst high inflationary concerns. During his tenure, NE also launched its first digital bank, Trust – a collaboration with StanChart and FairPrice Group. Trust has since crossed the S$1 billion mark in deposits, with more than 500,000 customers signing up.”
“The Board records its thanks and appreciation to Kian Peng for his dedication and commitment and wishes him the very best in his new parliamentary role.”
“The Board is also pleased to appoint Adeline as the successor with effect from 1 October this year. We are confident that she will continue to build upon NE’s success and guide the company to greater heights.”
“Adeline is an accomplished leader with a proven track record of success within NE and has played a key vital role in shaping the organisation’s future. She has more than three decades experience holding different portfolios across NTUC and NE. With a deep understanding of the industry and keen dedication to our employees, customers, and stakeholders – she is in a strong position to take over the reins.”
To ensure a smooth transition in leadership as well as the continuity of NE’s commitment in staying relevant to the community, Mr Seah Kian Peng said, “It has been a privilege for me to serve at NTUC Enterprise. Together with our management team, we have developed a sustainable road map to embark on our transformational journey with our social enterprises to ensure that we remain relevant to the community. I am confident that through the continued dedication of the management team, NE will grow from strength to strength for many years to come.”
He added, “I extend my appreciation to our Chairman and Board of Directors, our stakeholders and our staff and colleagues, past and present, for their counsel and support that they have given me. I also wish to place on record my thanks to the current as well as previous Secretaries-General and Presidents of NTUC that I have had the opportunity to work with and all my many friends in the labour movement that I have gotten to know. It has certainly made my service at NE and NTUC a truly rewarding and memorable experience.”
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