Ng Kee Choe Appointed Vice Chairman of DBS Group Holdings;
Frank Wong Appointed Vice Chairman of DBS Bank
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J.P. Morgan Veteran Jeanette Wong to Join DBS Bank as Chief Administrative Officer
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DBS Forms New Management Committee to Flatten Management Hierarchy and Speed Decision-making
SINGAPORE, December 17, 2002 - DBS today announced changes in the boards of DBS Group Holdings and DBS Bank, the appointment of a new Chief Administrative Officer, and the formation of a new Management Committee to flatten its management hierarchy and speed decision-making.
Ng Kee Choe has been appointed Vice Chairman, DBS Group Holdings, and a director of DBS Group Holdings. Kee Choe joins Jackson Tai, Vice Chairman and Chief Executive Officer, as the only two executive directors on DBS Group Holding's 11-member board.
Kee Choe will continue as Chief Risk Officer and as Senior Banker in Singapore, as well as maintain his oversight of Processing and Servicing and the Information Technology groups. In accepting the appointment to the DBS Group Holdings Board, Kee Choe will relinquish his seat on the DBS Bank Board. DBS Bank is the principal subsidiary of DBS Group Holdings.
Frank Wong has been appointed Vice Chairman, DBS Bank, and a director of DBS Bank. Frank joins Jackson Tai, Vice Chairman and Chief Executive Officer, as the only two executive directors of DBS Bank.
Frank will continue to oversee DBS' Wholesale Banking businesses, which include Treasury & Markets, Investment Banking, DBS Vickers Securities, and DBS Asset Management. He continues to oversee DBS' Greater China business, and holds the title of Chairman, DBS Hong Kong.
DBS also announced that J.P. Morgan veteran Jeanette Wong will join DBS Bank in February 2003, as Chief Administrative Officer. Jeanette will be responsible for advancing centres of excellence at DBS, in the first instance in areas of Human Resources and Credit. She will also undertake special projects to ensure that DBS makes continued progress in disciplined execution.
As Senior Country Officer for J.P. Morgan's Singapore operations, Jeanette has been responsible for key corporate and investor clients as well as regulatory relationships in Singapore. In her 16-year career at J.P. Morgan, she has been a member of global, regional and local management committees for Global Markets and Emerging Asia, and has held senior management positions with local and regional responsibilities in Foreign Exchange and Fixed Income.
Jeanette is Chairperson of the MAS-sponsored Singapore Foreign Exchange Markets Committee, and a member of the Financial Sector Development Fund Advisory Committee.
In connection with the senior appointments, a DBS Group Holdings Management Committee, which will replace the Corporate Office Operating Committee, will be formed.
The new seven-member committee will be the highest management decision-making body at DBS, responsible for setting DBS' business strategy, prioritising the allocation of DBS' overall resources, monitoring adherence to DBS' core principles and values, driving higher returns to shareholders, and ensuring outstanding service to our customers.
The previous four-man management committee, known as the Corporate Office Operating Committee, comprised Chairman of DBS Group Holdings and DBS Bank S. Dhanabalan, Jackson Tai, Ng Kee Choe and Frank Wong.
Commenting on the new management committee, Jackson Tai said: "We will begin a process of devolving managerial decision-making and the delegation of authority down to individual Management Committee members and to unit heads, thereby flattening out the management hierarchy and speeding decision-making."
Both Kee Choe and Frank are members of the new management committee, together with Jackson Tai as the committee chairman. The other members are Managing Director Chong Kie Cheong, Managing Director David Lau, Chief Financial Officer Oon Kum Loon, and Chief Administrative Officer Jeanette Wong. Dhanabalan will attend committee meetings and provide appropriate guidance.
Members of the DBS Group Holdings Board are:
- S. Dhanabalan - Chairman
- Jackson Tai - Chief Executive Officer
- Ng Kee Choe
- Bernard Chen Tien Lap
- Fock Siew Wah
- Gail D. Fosler
- Tommy Koh Thong-Bee
- Moses Lee Kim Poo
- Leung Chun Ying
- Thean Lip Ping
- Yeo Ning Hong
Members of the DBS Bank Board are:
- S. Dhanabalan - Chairman
- Jackson Tai - Chief Executive Officer
- Frank Wong Kwong Shing
- Bernard Chen Tien Lap
- Fock Siew Wah
- Gail D. Fosler
- Tommy Koh Thong-Bee
- Moses Lee Kim Poo
- Leung Chun Ying
- Thean Lip Ping
- Yeo Ning Hong
Jeanette Wong's CV is available for reference.
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