SINGAPORE, 26 June 2014 – NTUC FairPrice Co-operative Ltd (FairPrice) announced today that, at its 32nd Annual General Meeting, Mr Ng Ser Miang did not seek re-election and stepped down as Chairman of the Board after nine years at the helm. Mr Ng was appointed Chairman in September 2005. Mr Bobby Chin, current board member of NTUC FairPrice, was consequently elected Chairman of the Board.
During his term as Chairman, Mr Ng led FairPrice to grow from strength to strength while continuously upholding its social mission to moderate the cost of living. Under his leadership, FairPrice’s group revenue doubled from $1.4 billion in the 2005/2006 financial year to $2.8 billion in the 2012/2013 financial year. The number of FairPrice stores grew from 163 to a network of 281 stores island-wide, comprising 120 supermarkets and hypermarkets and 161 convenience stores serving over 500,000 customers daily.
FairPrice has etched itself in the minds of Singaporeans as the people’s supermarket and a retailer with a heart. Over the years, the Co-operative has evolved and it continues to be an integral part of the community.
Mr Ng also launched a foundation to advance FairPrice’s philanthropic efforts in a more systematic, focused and sustainable manner. The FairPrice Foundation was set up in 2008, with a mission to provide a better life for the community. Mr Ng was its first Chairman. Since then, FairPrice has donated $76 million to the Foundation to focus on causes that help the poor and needy, nation building and community bonding, and advancing workers’ welfare.
“Over the years, FairPrice has met the changing needs of its members and customers while fulfilling its social mission. It is my privilege to have served as Chairman to FairPrice, alongside an accomplished executive team and an experienced board, all of whom continue to work diligently in the best interests of the Co-operative,” said Mr Ng. “I extend my best wishes to Mr Bobby Chin and I am confident that the Board, the management team and all its stakeholders will support him, as they had supported me, and that the Co-operative will grow to greater heights.”
Mr Bobby Chin joined the Board in February 2013. He was the former Managing Partner of Accounting firm, KPMG Singapore. He is not new to the labour movement as he sits on the Board of Singapore Labour Foundation and is the Deputy Chairman of NTUC Enterprise. Mr Bobby Chin also serves as a member of the Council of Presidential Advisors.
On his appointment, Mr Chin said: “It is a tremendous honour and privilege to be appointed as Chairman. On behalf of the Board and Management, I would like to record our heartfelt thanks to Ser Miang for his outstanding service.
I look forward to contributing to FairPrice’s growth and success. Together with the Board and Management, I will continue to fulfil FairPrice’s social mission to moderate the cost of living to benefit Singaporeans.”