Ernst & Young Singapore's executive chairman steps down

Mr Ong Yew Huat will leave his post 31 December.

According to a release, Ernst & Young in Singapore announced the retirement of its Executive Chairman, Mr. Ong Yew Huat effective 31 December 2012.

Mr. Max Loh, Country Managing Partner for Ernst & Young in Singapore says: “Yew Huat’s illustrious 33-year career with Ernst & Young is marked with several achievements, notably as the pioneer of our Transaction Advisory Services in Singapore and an important member of our Area Executive leadership that steered the successful integration of Ernst & Young in Asia-Pacific in 2008. Externally, Yew Huat enjoys a solid reputation with the business community and is a stalwart in the professional services industry; internally, he is well-respected as a ‘people leader’ with a genuine care and regard for his people. His contributions to the firm have been important and invaluable. We will certainly miss his strong leadership and mentorship, as we wish him an enjoyable retirement.”

“Being an avid art collector, Yew Huat has also brought the appreciation of art to our people and clients. The Ernst & Young Asean Art Outreach program was his brainchild – a corporate social responsibility program that promotes the development of Southeast Asian artists and contributes to charitable causes in the Singapore community through sale donations,” adds Mr. Loh.

In 2011, Mr. Ong was awarded the Public Service Medal for his contribution to the arts in Singapore. After retiring from Ernst & Young, he will continue to serve as Chairman of the National Heritage Board of Singapore, as well as on the Board of the Accounting and Corporate Regulatory Authority of Singapore (ACRA), and the Public Accountants Oversight Board.

Mr. Ong, 57, joined Ernst & Young in London in 1979. He returned to Singapore in 1983 and embarked on financial advisory work while continuing his practice in audit. Mr. Ong has more than 25 years of experience in specialized areas of corporate recovery and corporate services.

He is noted for pioneering the Transaction Advisory Services practice in Singapore. This involved overseeing the provision of corporate finance, valuations, investigations, financial due diligence, corporate restructuring and insolvency, and other financial advisory services,

From 2005 to 2008, Mr. Ong was elected Country Managing Partner of Ernst & Young in Singapore. In 2008, he assumed the position of Executive Chairman, providing strategic guidance on market and people development, and management issues. With the global integration of Ernst & Young, Mr. Ong went on to become the Chief Operating Officer for the Far East Area and the subsequent Asia-Pacific Area. During this time, he was a member of the Asia-Pacific Executive, the top decision-making body in the Area.