http://sg.news.yahoo.com/cna/20090412/tap-856-tharman-says-dbs-rush-finding-re-231650b.html
Tharman says DBS should not rush into finding replacement CEO
Channel NewsAsia
Channel NewsAsia - 1 hour 35 minutes ago
SINGAPORE : DBS is in good hands even though it has lost its CEO. Singapore’s Finance Minister Tharman Shanmugaratnam has said the bank, Southeast Asia’s largest lender, should not hurry to find a replacement CEO.
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DBS’ CEO Richard Stanley died on Saturday morning from an infection arising from his leukaemia treatment.
There was an outpouring of condolences at the wake of Mr Stanley on Sunday. DBS staff came in full force to say goodbye to their CEO.
Mr Tharman attended the wake in the evening. He said the bank has been well—managed since Mr Stanley’s absence in January after he fell ill.
Mr Tharman said: "The senior management had been running the bank, putting all their time into it. That is the way it will continue for a while, while they embark on a search. This is something the board has to decide on, but I do not think there is a need for them to rush."
He added that Mr Stanley had helped in formulating measures for the country’s stimulus package to aid the economy through the crisis.
Earlier, Labour Chief Lim Swee Say and the DBS Staff Union also turned up to pay their last respects.
The union had reacted strongly when the bank announced the retrenchment of 900 staff in November last year.
Mr Lim said: "My first encounter with Mr Stanley was in my office. He explained to me why DBS had to retrench, and I explained to him why I and the union reacted that way. Even though that was the first time I met Rich, my impression of him was a very positive one, and he left behind a very deep impression."
But Mr Lim said Mr Stanley took the effort to clear the air and built positive ties between the union and management six months before he died.
He added that Mr Stanley came to see him personally in less than a week after the unions expressed concern about DBS’ retrenchment. Other union leaders said they would also remember Mr Stanley’s approachable and receptive attitude towards staff welfare.
Mr Lim said: "Over the last few months, Rich started to get involved in some of our union activities. He also joined some of our tripartite networking activities. I think we are all going to carry on the role model he has left behind."
In a statement to the media, President Nora Kang of the DBS Staff Union said it is touched by Mr Stanley’s sincerity to make an effort to understand the labour movement better. She added that the union was saddened by news of Mr Stanley’s death and will remember him for his strength to see the bank through challenging times and battling with his illness in a positive spirit.
Mr Stanley’s funeral service will be held at St Teresa Church on Monday at 2.45pm.
All DBS offices will also observe a minute of silence during that time. — CNA/ms
Tharman says DBS should not rush into finding replacement CEO
Channel NewsAsia
Channel NewsAsia - 1 hour 35 minutes ago
SINGAPORE : DBS is in good hands even though it has lost its CEO. Singapore’s Finance Minister Tharman Shanmugaratnam has said the bank, Southeast Asia’s largest lender, should not hurry to find a replacement CEO.
ADVERTISEMENT
DBS’ CEO Richard Stanley died on Saturday morning from an infection arising from his leukaemia treatment.
There was an outpouring of condolences at the wake of Mr Stanley on Sunday. DBS staff came in full force to say goodbye to their CEO.
Mr Tharman attended the wake in the evening. He said the bank has been well—managed since Mr Stanley’s absence in January after he fell ill.
Mr Tharman said: "The senior management had been running the bank, putting all their time into it. That is the way it will continue for a while, while they embark on a search. This is something the board has to decide on, but I do not think there is a need for them to rush."
He added that Mr Stanley had helped in formulating measures for the country’s stimulus package to aid the economy through the crisis.
Earlier, Labour Chief Lim Swee Say and the DBS Staff Union also turned up to pay their last respects.
The union had reacted strongly when the bank announced the retrenchment of 900 staff in November last year.
Mr Lim said: "My first encounter with Mr Stanley was in my office. He explained to me why DBS had to retrench, and I explained to him why I and the union reacted that way. Even though that was the first time I met Rich, my impression of him was a very positive one, and he left behind a very deep impression."
But Mr Lim said Mr Stanley took the effort to clear the air and built positive ties between the union and management six months before he died.
He added that Mr Stanley came to see him personally in less than a week after the unions expressed concern about DBS’ retrenchment. Other union leaders said they would also remember Mr Stanley’s approachable and receptive attitude towards staff welfare.
Mr Lim said: "Over the last few months, Rich started to get involved in some of our union activities. He also joined some of our tripartite networking activities. I think we are all going to carry on the role model he has left behind."
In a statement to the media, President Nora Kang of the DBS Staff Union said it is touched by Mr Stanley’s sincerity to make an effort to understand the labour movement better. She added that the union was saddened by news of Mr Stanley’s death and will remember him for his strength to see the bank through challenging times and battling with his illness in a positive spirit.
Mr Stanley’s funeral service will be held at St Teresa Church on Monday at 2.45pm.
All DBS offices will also observe a minute of silence during that time. — CNA/ms
