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Keppel Corporation has announced that deputy chairman Piyush Gupta will take over as the company’s new chairman following the retirement of Danny Teoh. The Keppel chairman transition will take effect on April 17, immediately after the company’s annual general meeting, with Gupta assuming the role of non-executive chairman and independent director.
According to the announcement made on Thursday, February 5, Teoh will step down after serving as a Keppel director for over 15 years and as chairman since April 2021. Gupta, 66, has served as deputy chairman and non-executive independent board director since July 2025, and will continue his involvement with the company’s nominating, remuneration and board sustainability and safety committees.
Leadership During Transformational Period
The Keppel chairman transition comes at a significant moment for the Singapore-based conglomerate. Under Teoh’s leadership, the company underwent a major transformation, divesting its offshore and marine business to become an asset-light global asset manager and operator focused on infrastructure, real estate and connectivity.
The company noted that its share price more than tripled during Teoh’s five-year chairmanship. Additionally, Teoh presided over the board during challenging periods, including the downturn in the offshore and marine sector and the COVID-19 pandemic, according to company statements.
Gupta’s Extensive Leadership Experience
Piyush Gupta brings substantial executive experience to his new role as Keppel chairman. He served as CEO of DBS Group from November 2009 until his retirement in March 2025, during which he led the bank to become a global financial powerhouse, Keppel noted in its announcement.
However, his responsibilities extend beyond Keppel. Gupta currently serves as chairman of investment group Temasek India and holds an appointment as an alternate member of the Council of Presidential Advisers, which advises Singapore’s president on custodial powers regarding national reserves and public service integrity.
Strategic Vision for Continued Growth
In comments accompanying the announcement, Gupta paid tribute to his predecessor’s leadership and invaluable contributions to Keppel. He expressed his intention to work closely with the board and management to continue driving the company’s growth story as it reinvents itself as a global asset manager with strong operating capabilities.
Meanwhile, Teoh expressed confidence in the leadership transition, describing Gupta as a highly respected business leader. Keppel CEO and executive director Loh Chin Hua added that Gupta has provided valuable advice in sharpening and executing the company’s strategy since joining the board.
Strong Financial Performance Supports Transition
The chairman succession was announced alongside Keppel’s FY2025 financial results, which showed robust performance. The company reported a 29 percent rise in full-year profit, with profit from continuing operations reaching S$1.02 billion (US$801 million) for the year ended December 31, up from S$787 million the previous year.
In contrast to some companies that reduce shareholder returns during leadership transitions, Keppel maintained its final dividend at 19 cents per share. Furthermore, the firm declared a special dividend of 13 cents from proceeds unlocked through asset monetization, with total divestments of S$2.9 billion in 2025.
Following the board restructuring, Keppel will comprise a total of eight directors, seven of whom are independent directors. Shares of the company rose as much as 3.3 percent to a record high of S$11.31 in early trading following the announcements.
The formal transition will occur at Keppel’s annual general meeting on April 17, where shareholders will have the opportunity to approve the appointment. The company has not announced additional board changes beyond the chairman succession at this time.
