NTUC Enterprise (NE) Group CEO Seah Kian Peng will be stepping down from his role as Group CEO and the Boards of its social enterprises (SEs) from 1 October 2023.
NE Deputy CEO Adeline Sum will succeed him as the Group CEO when he relinquishes his position.
NE issued a media statement on leadership transition on 7 August 2023.
NE stated that the move will allow Mr Seah, appointed Speaker of Parliament on 2 August 2023, to “carry out his duties as speaker with singular focus and commitment.”
Mr Seah shared that it has been his privilege to serve at NTUC Enterprise.
He said: “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.”
Mr Seah’s journey with NTUC Enterprise and FairPrice Group spans nearly three decades. He joined the NTUC - Administration & Research Unit (NTUC-ARU) in June 1996 and was seconded to NTUC FairPrice in February 2001 as Chief Operating Officer.
He became CEO of NTUC FairPrice in 2016 and Group CEO when FairPrice Group (FPG) was formed in 2019. That same year, he was concurrently appointed as Group CEO.
“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,” he shared.
In the statement, NTUC Enterprise Chairman Lim Boon Heng thanked Mr Seah for his contributions towards NTUC Enterprise and FairPrice Group.
He wrote: “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.
Under Mr Seah’s leadership, NE also launched its first digital bank, Trust, a collaboration between StanChart and FairPrice Group.
Trust has since made over S$1 billion worth of deposits, attracting more than 500,000 customers.
Mr Lim added that he was confident Ms Sum would continue to build upon Mr Seah’s successes and bring the company to new heights.
He shared: “Adeline is an accomplished leader with a proven track record of success within NE and has played a vital role in shaping the organisation’s future.
She has more than three decades of 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.”