Lee Hsien Yang, the group chief executive officer (CEO) of Singapore Telecommunications (SingTel), plans to step down, the company said in a brief statement on Friday.
Lee, who has served as CEO of SingTel since 1995, will continue in his current capacity until a successor has been found, the company said, adding that a global search for his replacement is underway. No reason was given for Lee's decision to step down.
During Lee's tenure, SingTel grew from a recently privatized operator into a regional telecommunications powerhouse. He led SingTel's international expansion, including the acquisition of Australian operator Optus. The company, which has 85 million mobile subscribers across the region, also holds stakes in mobile operators in Thailand, Philippines, India, Bangladesh, and Indonesia.
SingTel reported a profit of S$4.2 billion (US$2.6 billion, based on the conversion rate for the last day of the period being reported) on revenue of S$13.1 billion during its most recent fiscal year, which ended on March 31.