Speaker of Parliament Seah Kian Peng steps down from NTUC Enterprise leadership

SINGAPORE: In a major reshuffle within the NTUC Enterprise (NE), Speaker of Parliament Seah Kian Peng announced his resignation from his position as the group chief executive officer. He will also be vacating his positions on the boards of its affiliated social enterprises.

NE confirmed in a press release on Monday that the move aims to allow Mr Seah to fully devote his energies to his newly assumed role as Speaker, which he was sworn into on 2 August.

Effective from 1 October, Deputy CEO Ms Adeline Sum, 55, is poised to fill Mr Seah’s shoes.

With a tenure spanning back to 2006, Seah has served as the People’s Action Party (PAP) Member of Parliament for Marine Parade GRC. He recently succeeded Tan Chuan Jin as Speaker, following the latter’s resignation over his extramarital affair with another PAP MP.

NTUC Enterprise, an umbrella for social enterprises such as FairPrice Group, NTUC First Campus, and NTUC Health among others, has witnessed significant growth and stabilization under Seah’s stewardship.

Mr Lim Boon Heng, NE’s chairman and a former PAP figure, lauded Seah’s near 30-year leadership at NE and FairPrice Group. Particularly noteworthy was the role these enterprises played during the Covid-19 pandemic, ensuring consistent availability of essentials amidst global supply chain disruptions and inflationary pressures.

A notable achievement during Seah’s tenure includes the launch of NE’s first digital bank, Trust. A joint venture with Standard Chartered Bank and FairPrice Group, Trust has successfully amassed over S$1 billion in deposits and a customer base exceeding half a million.

Seah’s journey with the National Trades Union Congress commenced in 1996, culminating in various leadership roles across FairPrice and NE.

In 2001, he was appointed the chief operating officer of NTUC FairPrice, and by 2010, he had ascended to the role of chief executive officer.

Seah’s last major shift was in 2022 when he chose to prioritize growth strategies across NE’s social enterprise sector.

Ms Sum, his successor, isn’t new to the dynamics of NE. Holding multiple roles, including the executive director of Mercatus and deputy CEO at NE, she is poised with over 30 years of experience and holds degrees from esteemed institutions such as the National University of Singapore and Harvard University.

Acknowledging the legacy of his journey, Seah expressed gratitude for the privilege to serve NE. Citing the collective vision of the management team, he expressed confidence in NE’s potential to evolve and adapt in the coming years.

His parting words resonated optimism, “I am confident that through the continued dedication of the management team, NE will grow from strength to strength for many years to come.”