SINGAPORE: NTUC Enterprise has appointed Mr Tan Suee Chieh as its Group Chief Executive Officer with effect from 1 October 2013.
Mr Tan who is the Chief Executive Officer at NTUC Income will relinquish this position on 30 September 2013 which he has held for six years.
Mr Tan's tenure at NTUC Income saw its premium revenues increase to an all-time high of $4.2 billion in 2011 and total assets growing from $18.8 billion in 2006 to $30.8 billion in 2012.
Its capital adequacy ratio, an indicator of an insurer's financial strength, increased from 187 per cent in 2006 to 271 per cent in 2012, the highest in NTUC Income's history.
Mr Tan received the "Outstanding CEO of the Year 2012" accolade from the Singapore Business Awards in April this year.
He will be the first Group CEO of NTUC Enterprise.
Mr Tan said, "The Singapore economy may still be strong and sound, and we are still a first world country. But the issues of economic and social dislocation, financial insecurity, concerns over food, housing and transport prices, health care costs and the funding of the elderly have once again come to the foreground.
"The NTUC social enterprises will need to respond to the needs of our time. NTUC Enterprise effectively unifies the NTUC social enterprises to give greater coherence, scale and impact to our social ambitions."
NTUC Enterprise is the holding co-operative of the existing group of 12 NTUC co-operatives, including NTUC Fairprice, NTUC Eldercare and NTUC Learning Hub.
NTUC Income has begun an internal and external search for Mr Tan's successor. - CNA
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