(Associated Press via NewsEdge) SingTel, Southeast Asia's largest telephone company, named its head of international business as chief executive, replacing Lee Hsien Yang who led the company for 11 years.
The appointment of Chua Sock Koong, who is also SingTel's chief financial officer, will take effect April 1, 2007, the company said.
At a press conference announcing her appointment as Lee's successor, Chua said the company remained open to increasing its stakes in its regional investments.
'We continue to look at raising our stakes in our regional associates,' Chua said.
She said SingTel will continue to make 'sensible overseas investments.'
Under the leadership of Lee, the former local monopoly has spent about S$20 billion ($12.6 billion) building a presence in regional mobile phone markets, and now owns assets in Australia, India, Thailand, Indonesia, the Philippines and Bangladesh.
Lee, 48, who announced in July that he would step down from SingTel once a replacement is found, will stay with the company until March 31, 2007.
He said there may be organizational changes at the company after the leadership transition.
Lee is the younger brother of Singapore Prime Minister Lee Hsien Loong, and his father is modern Singapore's founder and first prime minister, Lee Kuan Yew.
A respected statesman, the elder Lee still wields considerable influence in his son's Cabinet as a minister, while the prime minister's wife, Ho Ching, heads Temasek Holdings, the government's investment arm.
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