Sembcorp Industries group president and chief executive Tang Kin Fei will retire on March 31 next year after 30 years with the group.
The move is "part of its leadership succession plan", said the firm yesterday. Mr Tang, 65, will remain as adviser and non-executive director until May 31.
Temasek International executive Neil McGregor, 61, will succeed Mr Tang.
Mr Tang, who has held his current roles since 2005, "has been instrumental in the growth and development of Sembcorp into a global energy, water, marine and urban development group", said the firm.
Sembcorp chairman Ang Kong Hua said in a statement: "Kin Fei has been an outstanding chief executive.
Under his visionary and astute leadership, Sembcorp's businesses have grown into leading players in their industry sectors.
"Kin Fei spearheaded the development of our utilities businesses, which has today become the group's largest profit contributor."
The Straits Times reported in October that utilities brought in about 77 per cent of the group's profit in the first half of the year.
Mr Tang knew its importance to the firm, and said then: "Utilities are essential services; whether the economy is up or down, people still need power and water, whereas the marine business depends on whether you get a contract."
He had also said India and China can offer opportunities to the firm.
Sembcorp has operations in more than 10 provinces in China.
It also opened the Sembcorp Gayatri Power Complex in Andhra Pradesh in India earlier this year.
In the 2015 annual report released in March, Mr Tang said Sembcorp - which celebrated the 20th anniversary of its utilities business last year - will continue to expand the utilities segment overseas.
During his time at SembCorp, net profit in 2006 soared 239.5 per cent to $1.03 billion. Last year, Sembcorp's net profit dropped 31.5 per cent to $548.86 million.
Mr McGregor is senior managing director and head of energy and resources at Temasek International.
His previous roles included CEO of Singapore LNG Corporation.
"(He) has an extensive international track record in the energy and infrastructure sectors, as both a portfolio manager and an operating chief executive," said Sembcorp Industries in a statement.
Mr Tang said yesterday: "Over the last three decades, I have been privileged to witness the transformation of Sembcorp into a focused energy, water, marine and urban development group, with operations across 15 countries worldwide."
This article was first published on Dec 21, 2016.
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