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Jakarta Post

Economy in brief: Danamon to have a new CEO

JAKARTA: Publicly listed lender PT Bank Danamon Indonesia announced on Tuesday that Henry Ho would retire from his position as president director and the company would propose Sng Seow Wah as his successor

The Jakarta Post
Jakarta
Wed, December 10, 2014

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Economy in brief: Danamon to have a new CEO

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AKARTA: Publicly listed lender PT Bank Danamon Indonesia announced on Tuesday that Henry Ho would retire from his position as president director and the company would propose Sng Seow Wah as his successor.

Danamon said in a statement that Wah was chosen after an extensive candidate-hunting process, both on a local and regional scale. Wah has passed a fit and proper test administered by the Financial Services Authority (OJK).

Wah is an experienced banker with track record in various financial institutions. From 2010 to 2014, he worked as the CEO of Alliance Bank Malaysia Berhad, a subsidiary of Alliance Financial Group Berhad.

Prior to joining the group, Wah worked as head of human resources, special projects and corporate communications with Fullerton Financial Holdings (International) Pte. Ltd.

Danamon will also propose Muliadi Rahardja as the firm'€™s vice president director. Muliadi is a member of Danamon'€™s board of directors since 1999. His appointment is subject to the approval of the OJK.

Danamon stated that Henry'€™s retirement and the new appointments will be discussed during extraordinary shareholders meeting in the near future.

Danamon, which was established in 1956, saw a 30 percent decline in its net profit during the first nine months of this year to Rp 2.11 trillion (US$170.7 million) from Rp 1.48 trillion during the same period last year.

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