Outgoing Singapore Airlines CEO to be next SGX Chairman

The board of Singapore Exchange (SGX) said in a statement that J Y Pillay will step down as SGX Chairman on December 31, 2010. "SGX Board member Chew Choon Seng will assume chairmanship of SGX on January 1, 2011," the statement said.

Recently, Singapore Airlines had said Seng would retire as CEO of the air carrier at the end of the year and Goh Choon Phong would assume the post. Seng had become the CEO of Singapore Airlines in 2003 and had joined the SGX Board as an independent director on December 1, 2004. He has been serving in the Nominating Committee and Remuneration Committee, it added.

"My successor, Chew Choon Seng, is no stranger to SGX, having served on the board these past six years. He takes over the reins of the company after a scintillating career in that foremost of carriers, Singapore Airlines. SGX will be in very capable hands," Pillay said.

Pillay had served as chairman of the SGX Board since its incorporation on November 18, 1999. Prior to that, Pillay had led the team that planned and managed the process of merger and demutualisation of SGX's predecessors, namely the Stock Exchange of Singapore and the Singapore International Monetary Exchange.

SGX is Asia-Pacific's first demutualised and integrated securities and derivatives exchange.