Kheng Leong Holdings CEO Lee Kian Hing Elected New SBF Chairman: Facing Future Challenges
Kheng Leong Holdings CEO Lee Kian Hing has been elected as the new Chairman of the Singapore Business Federation (SBF), succeeding former Chairman Teo Siong Seng, who earlier announced he would step down temporarily and not seek re-election.
SBF held its 24th Annual General Meeting on Wednesday (June 24) and elected the 13th Council, with a two-year term ending in 2028.
In a statement, SBF said the new Council comprises 24 members, including 12 elected council members, 11 representatives from trade associations and chambers, and one co-opted council member.
The new Council includes six new members: Adam Click, Chairman of the American Chamber of Commerce in Singapore; Mok Siew Siang, President of the Restaurant Association of Singapore; Lee Teck Ming, Chairman of SGTech; and Suhaimi Zainul-Abidin, CEO of hedge fund Quantedge Capital.
During the AGM, SBF also held the fifth Future Ready Business dialogue, with Guest of Honour Chan Chun Sing, Minister-in-charge of the Public Service and Minister for Defence.
Themed "Whole-of-System Readiness: What Must Government and Businesses Change?", the dialogue brought together business leaders and policymakers to discuss how companies can strengthen resilience, build future-ready capabilities, and navigate growing uncertainty.
Lee Kian Hing: Ensure Businesses Stay Competitive and Resilient for the Future
New Chairman Lee Kian Hing, also a Nominated Member of Parliament, said in the statement that geopolitical tensions, rapid AI development, and shifting trade patterns are reshaping the global economy, presenting both challenges and opportunities for businesses.
Lee said: "My priority is to ensure businesses remain competitive, resilient, and future-ready. We will work closely with companies, the government, and industry partners to develop practical solutions, foster a business-friendly environment, and help firms build the capabilities needed for innovation, internationalization, and sustainable growth."
He also noted that Singapore will chair ASEAN next year, presenting an opportunity to deepen regional economic integration and strengthen ASEAN as a key engine of global growth. "SBF will work with regional partners to turn these opportunities into tangible business outcomes and drive a more connected, innovative, and sustainable ASEAN."
Lee previously served as SBF Deputy Chairman and Treasurer. He also acted as Chairman during Teo Siong Seng's temporary leave.
Teo Siong Seng, 71, issued a statement in May saying he would not seek re-election after his term as SBF Chairman ends on June 24. He had previously stepped down temporarily from several roles, including SBF Chairman and Executive Chairman and Director of Pacific International Lines, to address charges from the US Department of Justice. Earlier, Lianhe Zaobao reported that US authorities accused him of involvement in manipulating dry bulk container prices.
