PACIFIC International Lines (PIL) managing director Teo Siong Seng, known in shipping circles as S. S. Teo, has stepped down as chairman of the Singapore Business Federation (SBF) after serving the maximum of three terms totalling six years.
Workforce Singapore chairman Lim Ming Yan was elected his successor following an annual general meeting on Tuesday.
SBF's statement noted that there had been a "steady rise" in the business chamber's members’ activities, missions and visiting delegations, as well as increased engagement with the government and local business community under Mr Teo's lead.
At the annual general meeting, Deputy Prime Minister Heng Swee Keat also commended Mr Teo: "SBF is in a strong position to contribute to meet this crisis, because of the exemplary leadership of Mr Teo over the past six years. He is a captain of industry and also a captain of many ships. I have come to know him for his candour, his constructive spirit to issues and his collaborative spirit. This is why he is so highly respected by all tripartite stakeholders."
Mr Teo said he was grateful for the support of fellow trade associations and chambers over the years, and to have served with the board of trustees, fellow council members, the SBF secretariat and business partners.
His successor, Mr Lim, will now helm the 25-member SBF council for the 2020-2022 term. He holds multiple roles, including sitting on the boards of Singapore Press Holdings (which publishes The Business Times), Central China Real Estate Limited, and DLF Cyber City Developers Limited.
Noting that many businesses are still grappling with the economic fallout of the Covid-19 pandemic, Mr Lim pledged to work with fellow council members and the SBF secretariat to "deliver fresh perspectives and programmes" to members.
The SBF will also continue to work with the government, unions and business leaders to address hot-button issues like employment for the local workforce, internationalisation and the diversification of businesses, as well as digital transformation, he added.