Income Insurance chairman Ronald Ong to stand down
SINGAPORE: Income Insurance's chairman Ronald Ong will retire from the company's board, it said on Monday (Jun 9).
He will, however, remain on the board of NTUC Enterprise, Income Insurance's parent company.
Mr Ong, who began serving on the Income Insurance board in 2018 and became its chairman in 2019, will not seek re-election at the company's upcoming annual general meeting on Jun 24, it said in a media release.
It added that Mr Ong led the company through its corporatisation, as it transitioned from a co-operative – NTUC Income Insurance Co-operative – to a company governed by the Companies Act.
In a statement, NTUC Enterprise chairman Lim Boon Heng said: "I would like to thank Ronald for his leadership over the past seven years at Income Insurance.
"Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network and strong commitment to create value for customers and shareholders."
Income Insurance said that its board and management were grateful to Mr Ong "for his guidance and steadfast leadership over the years".
"Under Mr Ong's leadership, Income Insurance weathered the COVID-19 pandemic, succeeded in corporatisation and also enhanced its digital capabilities," the company said.
Mr Ong said that it had been an honour to serve on Income Insurance's board.
"I have had the privilege of working alongside a talented and dedicated team, and the experience has been both humbling and rewarding," he added.
Income Insurance said that its board had begun a succession process to appoint a new chairperson.
"Further details will be shared at the upcoming annual general meeting," it said.
The tail end of Mr Ong's tenure as chairman saw Income Insurance embroiled in a saga involving a proposed deal that would have seen it taken over by German insurer Allianz.
In July last year, Allianz made an offer of about S$2.2 billion (US$1.6 billion at the time) for a 51 per cent stake in Income Insurance. NTUC Enterprise said at the time that it would remain a "substantial" shareholder in Income Insurance if the sale went through.
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SINGAPORE: Income Insurance's chairman Ronald Ong will retire from the company's board, it said on Monday (Jun 9). He will, however, remain on the board of NTUC Enterprise, Income Insurance's parent company. Mr Ong, who began serving on the Income Insurance board in 2018 and became its chairman in 2019, will not seek re-election at the company's upcoming annual general meeting on Jun 24, it said in a media release. It added that Mr Ong led the company through its corporatisation, as it transitioned from a co-operative – NTUC Income Insurance Co-operative – to a company governed by the Companies Act. In a statement, NTUC Enterprise chairman Lim Boon Heng said: "I would like to thank Ronald for his leadership over the past seven years at Income Insurance. "Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network and strong commitment to create value for customers and shareholders." Income Insurance said that its board and management were grateful to Mr Ong "for his guidance and steadfast leadership over the years". "Under Mr Ong's leadership, Income Insurance weathered the COVID-19 pandemic, succeeded in corporatisation and also enhanced its digital capabilities," the company said. Mr Ong said that it had been an honour to serve on Income Insurance's board. "I have had the privilege of working alongside a talented and dedicated team, and the experience has been both humbling and rewarding," he added. Income Insurance said that its board had begun a succession process to appoint a new chairperson. "Further details will be shared at the upcoming annual general meeting," it said. The tail end of Mr Ong's tenure as chairman saw Income Insurance embroiled in a saga involving a proposed deal that would have seen it taken over by German insurer Allianz. In July last year, Allianz made an offer of about S$2.2 billion (US$1.6 billion at the time) for a 51 per cent stake in Income Insurance. NTUC Enterprise said at the time that it would remain a "substantial" shareholder in Income Insurance if the sale went through.
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