PACIFIC International Lines managing director Teo Siong Seng, known in shipping circles as S. S. Teo, has stepped down as chairman of the Singapore Business Federation after three terms totalling six years.
Workforce Singapore chairman Lim Ming Yan was elected his successor following an annual general meeting on Tuesday. No reasons were given for Mr Teo's departure in a statement from SBF. However, PIL, the world's 10th biggest container shipping line, has been in the news of late for struggling to stay current on its charter payments, and has been divesting assets to shore up cash. Last month, it confirmed that it is in preliminary talks with Temasek unit Heliconia Capital Management for a potential investment.
SBF's statement noted that there had been a"steady rise" in the business chamber's members’ activities, missions and visiting delegations, as well as increased engagement with the government and local business community under Mr Teo's lead. At the annual general meeting, Deputy Prime Minister Heng Swee Keat also commended Mr Teo:"SBF is in a strong position to contribute to meet this crisis, because of the exemplary leadership of Mr Teo over the past six years. He is a captain of industry and also a captain of many ships. I have come to know him for his candour, his constructive spirit to issues and his collaborative spirit. This is why he is so highly respected by all tripartite stakeholders.