[SINGAPORE] Lim Ming Yan, the chairman of the Singapore Business Federation (SBF), has ended his term early and will be succeeded by his predecessor with immediate effect, the chamber said in a surprise announcement on Tuesday (May 20) evening.
The news comes less than a year after Lim, 62, was re-elected last June for a third consecutive two-year term.
The leadership transition was done in view of Lim’s recent appointment as chairman of Changi Airport Group (CAG) with effect from Apr 1, said SBF.
A Ministry of Finance press release dated Dec 27, 2024, noted that Lim was “well-positioned” to lead CAG as it embarks on the next phase of growth of Changi Airport, with the construction of Terminal 5.
Last week, a ground breaking ceremony was held to mark the start of construction of Terminal 5. The upcoming mega terminal – which will effectively double the size of the Singapore airport – is due to open in the mid-2030s, with its first phase designed to handle some 50 million passengers annually.
T5 is expected to boost Changi’s total annual capacity to around 140 million passengers, up from the current 90 million.
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Predecessor turned successor
Taking over as SBF’s next chairman is Teo Siong Seng, executive chairman of homegrown carrier Pacific International Lines. Known in the shipping circles as SS Teo, the 70-year-old previously chaired the apex business chamber from 2014 to 2020.
Lim said in the SBF release: “It has been inspiring to witness the resilience and adaptability of our business community during these challenging times. I am confident that under Teo’s capable leadership, SBF will continue to champion the growth and transformation of Singapore businesses.”
The release noted that Lim provided “steady leadership through a period of global uncertainty”, having guided the federation through the pandemic, driven key digitalisation and workforce development initiatives, and strengthened collaboration across trade associations and chambers.
He also deepened public-private partnerships and elevated SBF’s role as a “trusted voice” for the local business community, said the statement.
Lim was elected chairman of the business chamber in 2020, taking over as Teo stepped down after serving the maximum of three terms totalling six years.
Teo now “returns to the role with a renewed commitment to advancing SBF’s efforts in regional integration and global business expansion”, said SBF.
He currently chairs SBF’s Internationalisation Action Committee, where he supports Singapore companies in scaling internationally.
He also holds other appointments as chairman of the Singapore Asean Business Advisory Council; honorary president of the Singapore Chinese Chamber of Commerce and Industry; honorary consul of Tanzania in Singapore; joint chairman of the Africa South East Asia Chamber of Commerce and Industry; as well as pro-chancellor of the National University of Singapore.
Lim’s track record
Thanking Lim for his “steady hand and service” to the federation, Teo noted that SBF strengthened its advocacy and broadened its partnerships across sectors under his leadership.
Last month, Lim was named as a member of the government’s new Singapore Economic Resilience Taskforce.
Additionally, he serves as lead independent director of Sembcorp Industries, as well as non-executive director of DLF Cyber City Developers and China Vanke.
He is also chairman of The Esplanade Co, board member of Enterprise Singapore and Singapore’s non-resident High Commissioner to Mauritius.
In his 22 years at CapitaLand, Lim was president and group chief executive from 2013 to 2018. He was also chief executive of The Ascott from 2009 to 2012 and of CapitaLand China from 2000 to 2009.
He graduated with a first-class honours degree in mechanical engineering and economics from the University of Birmingham in 1985. He also attended the Advanced Management Programme at Harvard Business School in 2002.
SBF chief executive officer Kok Ping Soon said that Lim’s leadership has been “instrumental in steering SBF through a time of profound change”.
“His guidance has been invaluable to the Secretariat. As we look ahead, we are confident that Mr Teo’s global perspective and experience will be key to advancing SBF’s mission,” he said.
