SBF's three-term chairman Lim Ming Yan steps down; PIL's S.S. Teo back to the helm

Mr Lim Ming Yan, the chairman of the Singapore Business Federation (SBF), has ended his term early and will be succeeded by his predecessor with immediate effect, the chamber said in a surprise announcement on May 20 evening.

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The news comes less than a year after Mr Lim, 62, was re-elected last June for a third consecutive two-year term.

The leadership transition was done in view of Mr Lim's recent appointment as chairman of Changi Airport Group (CAG) from April 1, said SBF.

A Ministry of Finance press release dated Dec 27, 2024, noted that Mr Lim was "well-positioned" to lead CAG as it embarks on the next phase of growth of Changi Airport, with the construction of Terminal 5.

Last week, a ground-breaking ceremony was held to mark the start of construction of Terminal 5. The upcoming mega terminal - which will effectively double the size of the Singapore airport - is due to open in the mid-2030s, with its first phase designed to handle some 50 million passengers annually.

T5 is expected to boost Changi's total annual capacity to around 140 million passengers, up from the current 90 million.

Taking over as SBF's next chairman is Mr Teo Siong Seng, executive chairman of home-grown carrier Pacific International Lines (PIL). Known in the shipping circles as S.S. Teo, the 70-year-old previously chaired the apex business chamber from 2014 to 2020.