In a significant leadership shift, Daryl Ng, the chairman of Yeo Hiap Seng, has announced that he will step down after the upcoming annual general meeting (AGM) on April 23.

At 46 years old, Daryl Ng, grandson of Far East Organization's founder Ng Teng Fong, has led the company for five years and will also resign as a non-independent, non-executive director. The decision comes as part of a planned leadership transition, and he intends to focus on various business and philanthropic endeavors following his departure.

Taking over the reins will be seasoned banking professional Na Wu Beng, who has been a deputy chairman and independent director at Yeo since 2023. Na brings over four decades of banking experience, having held key positions across OCBC Group's various operations in Singapore, Hong Kong, Indonesia, and China. His leadership capabilities are expected to build upon the solid foundation established by Daryl Ng.

In an interesting family dynamic, Na will be succeeded as deputy chairman by Edward Averrill Ng, a distant cousin of Daryl Ng and a relatively new non-independent, non-executive director as of March 1, 2024. Edward Ng is also closely linked to the family legacy, being the grandson of Ng Teng Fong, and the son of Philip Ng, former CEO of FEO, brother to Robert Ng, who chairs Hong Kong-listed Sino Group.

During his tenure, Daryl Ng oversaw a remarkable turnaround at Yeo Hiap Seng, guiding the company from losses to profitability while enhancing the board's expertise and diversity. His vision revitalized the brand, accelerated innovation, and solidified the company's market standing within the competitive Asian drinks segment.

The firm maintained a debt-free balance sheet and built substantial cash reserves, a rare feat in today’s business environment. Reflecting on his time at Yeo, Daryl expressed confidence in Na’s leadership abilities, stating, “I am confident that under Mr. Na's leadership, Yeo’s will continue to reach new heights.”

Meanwhile, Na acknowledged the strong foundation laid by Daryl and expressed eagerness to further drive the company’s growth trajectory.

Yeo Hiap Seng has also reported positive financial results, notably a 9% increase in net profit to $3.7 million for the six months ending December 31, 2024, driven partly by sales from oat milk producer Oatly. Overall revenue rose 7.7% to $163.2 million, with significant growth in Malaysia, Singapore, and Indonesia offsetting declines in China and Hong Kong markets.

Despite challenges in some regions, the company recently reported a net profit of $6.9 million for the full fiscal year, attributed to strategic adjustments and their resilience in navigating a difficult operating environment.

As Yeo Hiap Seng prepares for this leadership transition, all eyes will be on Na Wu Beng to see how he will guide the company into its next chapter, and whether the innovative spirit fostered under Daryl Ng will continue to thrive.