EDBI, the investment arm of Singapore’s Economic Development Board (EDB), has announced the exit of its Chief Executive Officer and President Chu Swee Yeok, who is due to depart on February 1, 2023. 

She will continue to serve the company as senior adviser to the chairman of the investment arm and help guide its growth.

Yeok will be succeeded by managing partner Paul Ng. For the past 12 years, Ng has made significant contributions to EDBI, led investments in the areas of information and communications technology (ICT), including investments in the US and Europe, and held other leadership roles in special projects and corporate planning. Prior to joining EDBI, Ng’s career spanned project management in large-scale IT infrastructure and security systems to investment management in publicly listed consumer companies in non-Asian markets.

The outgoing CEO will establish a new fund management entity and further information is yet to be revealed.