ComfortDelGro to have change in leadership, Latest Business News - The New Paper

ComfortDelGro to have change in leadership

This article is more than 12 months old

Chief executive of transport giant to be succeeded by group's taxi business head

ComfortDelGro chief executive Kua Hong Pak will be stepping down on April 30 after 14 years at the helm.

Mr Kua, 73, will be succeeded by Mr Yang Ban Seng, 60, who has been leading the group's taxi business since 2003.

Mr Kua, who steered ComfortDelGro to grow its footprint across seven countries, double its revenue and nearly treble its profit during his tenure, will remain as senior adviser.

Mr Kua said yesterday: "It has been an honour and a privilege to witness first-hand the growth of ComfortDelGro.

"All this would not have been possible without the sheer hard work and dedication of a very committed senior team and all our people, both in Singapore and abroad.

"ComfortDelGro is now well positioned for its next stage of growth, and I am confident that Ban Seng, with the support of the senior team, will prove to be an able leader to take the group to even greater heights."

Mr Yang started out with Comfort Group in March 1989.

When the company merged with DelGro Corp in 2003, he became chief executive of its taxi business.

He said: "I am excited by this opportunity to lead ComfortDelGro into its next stage of growth. Mr Kua has left me big shoes to fill, and I will do my very best to wear them well."

Since 2003, ComfortDelGro's revenue went from $2.02 billion to $4.06 billion for the year ended Dec 31, 2016.

Its net profit for the same period increased from $133.9 million to $317.1 million.

The group now operates in seven countries, with a fleet of 44,715.

Meanwhile, the group posted a 5 per cent rise in net profit to $317.1 million for the full year ended Dec 31, marking yet another record year and its eighth consecutive year of earnings growth.