UOB appoints Wee Ee Cheong as chief executive officer
United Overseas Bank Limited (UOB) is pleased to announce that Mr Wee Ee Cheong has succeeded Mr Wee Cho Yaw as Chief Executive Officer (CEO) of the UOB Group with immediate effect.
Mr Wee Cho Yaw remains Group Chairman. This management succession was announced by the Chairman at the conclusion of UOB’s annual general meeting today.
Mr Wee Ee Cheong joined UOB in 1979. He has been a Director of the UOB Board since 1990 and was appointed Deputy Chairman and President in 2000. As part of succession planning and the renewal process, UOB’s Nominating Committee (“NC”) chaired by Independent Director Mr Wong Meng Meng, began a comprehensive exercise to identify a suitable candidate to succeed Mr Wee Cho Yaw as CEO three years ago. In 2006 Mr Wee Cho Yaw informed the NC of his desire to relinquish his CEO post to facilitate a smooth succession. Having looked at the succession issue over the past years, the NC was of the unanimous view that Mr Wee Ee Cheong is the most suitable candidate in terms of experience, track record, leadership qualities and capabilities. The NC believes that with over 28 years of experience in the Group, Mr Wee Ee Cheong’s intimate knowledge of, and many contributions to the Bank’s growth strategies will stand him in good stead to lead the Bank forward and ensure management continuity and stability. The UOB Board of Directors (“Board”) believes that the strength of any organisation is measured by the attention it gives to management succession. For this reason, it accepted Mr Wee Cho Yaw’s proposal for the appointment of a new CEO and agreed with the NC’s nomination of Mr Wee Ee Cheong. The Board is confident that, with Mr Wee Cho Yaw remaining as Chairman of the Board and its Executive Committee, and Mr Wee Ee Cheong assuming the post of CEO, the UOB Group will continue to prosper and grow from strength to strength. Explaining his decision to step down as CEO at UOB’s AGM, Mr Wee Cho Yaw said, “I have seen UOB grow from a one-branch bank to a regional financial institution with more than 520 branches and offices in 18 countries and territories. I consider it my responsibility to shareholders to ensure a smooth succession and leadership renewal process. But as I have said many times before, UOB is my life. As long as my health permits, I intend to continue to serve as Chairman, and I will continue to have oversight of the strategic growth of the Bank.” Referring to the appointment of Mr Wee Ee Cheong as the new CEO, Mr Wee Cho Yaw said, “Over the past 28 years Ee Cheong has built up a strong rapport with our customers, shareholders and investors, and our colleagues. He has been involved in all aspects of the Bank’s operations and has demonstrated his dedication and ability to excel in his career with the Bank. The Board and I are confident that he will lead the UOB Group to greater heights.” Speaking at the AGM, Deputy Chairman & CEO, Mr Wee Ee Cheong thanked the Board for the confidence they have in him and said “I am honoured to be given this opportunity to lead the Bank and I will build upon the strong legacy left by the retiring CEO.” “The management team and I will continue to work closely with the Chairman, tapping on his wealth of experience and knowledge, for the benefit of the Bank and its stakeholders.” –www.theasianbanker.com (April 30 2007)–