9 May 2013
Tan Suee Chieh leaves NTUC Income after six years as CEO
SINGAPORE, 9 May 2013- NTUC Enterprise Co-operative Limited (“NTUC Enterprise”) and NTUC Income Insurance Cooperative Limited (“NTUC Income”) jointly announced that Mr Tan Suee Chieh will be appointed as the new Group Chief Executive Officer (“Group CEO”) of NTUC Enterprise and relinquishing his CEO position in NTUC Income with effect from 1 October 2013.
The appointment of Mr Tan as the first Group CEO of NTUC Enterprise marks the next major development at the holding enterprise which was set up in July 2012 by the Labour Movement. NTUC Enterprise is the holding co-operative of the existing group of twelve NTUC co-operatives including NTUC Fairprice, NTUC Income, NTUC First Campus, NTUC Food Fare, NTUC Unity Healthcare, NTUC Eldercare and NTUC Learning Hub. As at 2012, the twelve organisations collectively employ 14, 000 staff, serve 2 million customers and record a combined annual revenue of $8 billion.
NTUC Enterprise is the single largest shareholder of each of the twelve NTUC social enterprises.
NTUC Enterprise’s main objective is to enable the NTUC social enterprises to achieve significant scale in order to meet the needs of Singaporeans for affordable and quality products and services. These include insurance, investments and retirement planning; child care and early education; training for workers and professionals; healthcare and pharmacies; long term care for the elderly; supermarkets; and the provision of food at food courts, hawker centres, coffee shops and through catering.
Said the Chairman of NTUC Enterprise, Mr Lim Boon Heng, “I am delighted that we were able to identify and appoint a person from within the Labour Movement to be the first Group CEO. Suee Chieh had a successful 20 year career in the commercial sector prior to joining NTUC Income in 2007. He led NTUC Income in achieving extraordinary business results, while staying true to its DNA of offering products which maximises value for customers, as well as delivering a wider social impact through the pursuit of honest insurance.”
“NTUC Income successfully combined the drive for its social purpose with a quest for professional excellence under Suee Chieh’s watch. We are confident that he is the leader to help expand that success across the NTUC social enterprises,” added Mr Lim.
Mr Tan’s tenure at NTUC Income saw its premium revenues increase to an all time high of $4.2 billion in 2011 and total assets growing steadily from $18.8 billion in 2006 to $30.8 billion in 2012. Its capital adequacy ratio, an indicator of an insurer’s financial strength, increased from 187% in 2006 to 271% in 2012, the highest in NTUC Income’s history.
In light of the recent successes of NTUC Income, Mr Tan received the “Outstanding CEO of the Year 2012” accolade from the Singapore Business Awards in April this year.
Said Mr Ng Kee Choe, Chairman of NTUC Income, “Suee Chieh led the co-operative through a period of extensive change and transformation, and has put in place a strong management team. He has successfully integrated the philosophy of "Honest Insurance" across the business, and is a strong advocate of NTUC Income's social purpose of providing affordable, accessible and sustainable insurance. While we are sorry to lose Suee Chieh, we are glad that he will remain in the NTUC family.”
On the issue of succession, Mr Ng said that the board has begun a search for Suee Chieh’s successor both internally and externally.
Said Mr Tan Suee Chieh, “The Singapore economy may still be strong and sound, and we are still a first world country. But the issues of economic and social dislocation, financial insecurity, concerns over food, housing and transport prices, health care costs and the funding of the elderly have once again come to the foreground. The NTUC social enterprises will need to respond to the needs of our time. NTUC Enterprise effectively unifies the NTUC social enterprises to give greater coherence, scale and impact to our social ambitions.”
He added, “My belief that businesses have a wider obligation than just “maximising profits for shareholders” as a philosophy took deeper root while I was in NTUC Income. So I am excited about the challenges that lay ahead of us at NTUC Enterprise. I am grateful to be given the opportunity to help create an extraordinary social force to do good through the NTUC group of social enterprises in many diverse areas. Our raison d’être is to put people before profits.”
“It was a difficult decision to leave NTUC Income, but I do so in the knowledge that we have a strong management team in place, who will continue to develop the initiatives to bring NTUC Income to even greater heights. The last six years at NTUC Income have been most rewarding, much more than I ever expected or hoped for,” concluded Mr Tan.