Wee Ee Cheong
SINGAPORE : Businessman Wee Cho Yaw is stepping down as the Chief Executive of United Overseas Bank (UOB), a post he has held for more than 30 years, to make way for his son Wee Ee Cheong.
The announcement came during the bank's annual general meeting on Friday.
But the sprightly 78-year-old will stay on as Chairman of the group.
Wee Ee Cheong said, "He decided to retire because he's still fit, he can help to provide the wisdom to oversee some strategic growth that we are intending to do".
Shareholders whom Channel NewsAsia spoke to generally welcomed the management rejuvenation.
One shareholder, David Tan, said, "I think he should enjoy his retirement at the age of 78. Enjoy his golden years. The younger Wee, of course its very good for him to take over, he has 28 years of experience with the bank, I'm sure he's capable of taking over. It's good to have a new generation of the Wee family".
54-year-old Wee Ee Cheong has long been groomed to take over.
The eldest son of the older Wee, he is Deputy Chairman and President of the group, and has been in the bank for almost 30 years.
Wee Ee Cheong said, "I'm the CEO, obviously I'll consult him; just like any organisation, we need good people and given his experience, it would be stupid of me not to tap his knowledge, right?"
UOB said it started taking steps to look for a new CEO three years ago, and believes that it has found the most suitable man for the job.
The new CEO said he does not intend to make any changes to management.
Wee Ee Cheong said, "I already have my existing people. What I think we all should do is to continue to strengthen, because business is evolving, it's dynamic.".
He added that his goals were to continue to build UOB's presence in South-East Asian markets like Thailand, Malaysia and Vietnam, as well as concentrate in China .
Wee Ee Cheong said, "I think what we need to maybe spend a bit more time is places like China, places like Vietnam, we think there's still a growing potential there. I have to spend a bit more time."
UOB currently has a global network of 525 offices in 18 countries and territories in Asia Pacific, Western Europe and North America.
The announcement came during the bank's annual general meeting on Friday.
But the sprightly 78-year-old will stay on as Chairman of the group.
Wee Ee Cheong said, "He decided to retire because he's still fit, he can help to provide the wisdom to oversee some strategic growth that we are intending to do".
Shareholders whom Channel NewsAsia spoke to generally welcomed the management rejuvenation.
One shareholder, David Tan, said, "I think he should enjoy his retirement at the age of 78. Enjoy his golden years. The younger Wee, of course its very good for him to take over, he has 28 years of experience with the bank, I'm sure he's capable of taking over. It's good to have a new generation of the Wee family".
54-year-old Wee Ee Cheong has long been groomed to take over.
The eldest son of the older Wee, he is Deputy Chairman and President of the group, and has been in the bank for almost 30 years.
Wee Ee Cheong said, "I'm the CEO, obviously I'll consult him; just like any organisation, we need good people and given his experience, it would be stupid of me not to tap his knowledge, right?"
UOB said it started taking steps to look for a new CEO three years ago, and believes that it has found the most suitable man for the job.
The new CEO said he does not intend to make any changes to management.
Wee Ee Cheong said, "I already have my existing people. What I think we all should do is to continue to strengthen, because business is evolving, it's dynamic.".
He added that his goals were to continue to build UOB's presence in South-East Asian markets like Thailand, Malaysia and Vietnam, as well as concentrate in China .
Wee Ee Cheong said, "I think what we need to maybe spend a bit more time is places like China, places like Vietnam, we think there's still a growing potential there. I have to spend a bit more time."
UOB currently has a global network of 525 offices in 18 countries and territories in Asia Pacific, Western Europe and North America.
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