Industry News

The 2025 Global CEO Turnover Index by Russell Reynolds Associates reveals a record-high CEO turnover globally, with the Asia Pacific (APAC) region experiencing its highest number of departures in seven years. In 2025, 234 CEOs exited their roles worldwide, marking a 16% increase from 2024. APAC alone saw 87 departures, a 26% rise from the previous year.

The report highlights a significant trend in APAC, where 94% of new CEO hires were first-time leaders, and 73% of appointments were internal promotions. This indicates a strategic shift towards leveraging internal talent and fresh perspectives to navigate complex market conditions. Euan Kenworthy, Country Lead for Singapore at Russell Reynolds Associates, noted, “The role of the CEO has become materially harder, burdened by increased media scrutiny, a more demanding investor base, faster technology adoption, and regulatory challenges.”

CEO tenures have also shortened, with the global average declining to 7.1 years from 7.4 years in 2024. In APAC, the average tenure is now 5.9 years, with Singapore’s outgoing CEOs showing a slightly longer tenure of 7.3 years. This trend reflects increased board scrutiny and a proactive approach to leadership changes.

For the first time, planned CEO successions (32%) surpassed retirements (26%) as the primary reason for departures. Kenworthy emphasised the importance of robust succession planning, stating, “Getting CEO succession right has never been more important, or more complex.” As organisations face heightened expectations and market volatility, the focus is on building a strong leadership pipeline to ensure continuity and adaptability.

Huawei and SP Mobility have unveiled Singapore’s first ultra-fast electric vehicle (EV) charging station with integrated battery energy storage, marking a significant advancement in the nation’s public charging infrastructure. The launch, held at Temasek Polytechnic, was officiated by Baey Yam Keng, Minister of State for the Ministry of Culture, Community and Youth & Ministry of Transport.

The new charging station features Huawei’s liquid-cooled ultra-fast direct current technology, combined with a battery energy storage system (BESS). This system stores electricity during off-peak hours and discharges it during charging, reducing demand on the grid and enabling faster charging. The charger boasts a maximum power rating of 480kW, making it one of the highest capacity public chargers in Singapore.

Key features of the station include the ability to add up to 200km of range in approximately five minutes for compatible vehicles, significantly reducing charging time for commercial fleets and high-mileage drivers. This development supports SP Mobility’s partnership with Goldbell Group to electrify commercial and heavy vehicles in Singapore.

Maxi Wang, CEO of Huawei International, highlighted the strategic importance of this launch, stating, “This site is a game-changer; it demonstrates that we are prepared to scale up ultra-fast deployments across the island to meet Singapore’s surging demand for EVs.”

The integration of BESS enhances the feasibility of deploying advanced chargers in urban areas with limited electrical infrastructure, providing a model for future high-power charging without extensive upgrades. This initiative aligns with Singapore’s 2040 EV vision and aims to support the growing e-mobility ecosystem by offering faster and more reliable charging solutions.

DBS Group has reported a record profit before tax of S$13.1b for 2025, marking a slight increase from the previous year. This achievement comes as the bank’s total income rose by 3% to a new high of S$22.9 billion, despite facing challenges from a difficult rate environment. The group’s net interest income saw modest growth, bolstered by proactive hedging and record deposit growth, which countered the effects of lower interest rates and a stronger Singapore dollar.

The bank’s fee income and treasury customer sales reached unprecedented levels, driven by wealth management, whilst markets trading income was the highest since 2021. The cost-income ratio remained stable at 40%. Asset quality was maintained, with the non-performing loan (NPL) ratio stable at 1.0%, despite a prudent downgrade of a previously watchlisted real estate exposure to NPL in the fourth quarter.

Net profit for the year was 3% lower at S$11b, primarily due to increased tax expenses following the implementation of a 15% global minimum tax. The return on equity stood at 16.2%, with a return on tangible equity of 17.8%. DBS CEO Tan Su Shan commented, “Record profit before tax and return on equity of 16% were a testament to the resilience and adaptability of our franchise amidst rate and tax headwinds.”

The bank anticipates continued rate pressures and geopolitical tensions but remains confident in its strong balance sheet and franchise quality as a foundation for the coming year.

AWC Berhad, a leading engineering services group, has secured three contracts for automated pneumatic waste collection systems (AWCS) in Malaysia and Singapore. The contracts, awarded to subsidiaries Stream Environment Sdn. Bhd. and Stream Environment (S) Pte. Ltd., were finalised on 14 January, 5 February, and 6 February 2026. These projects are expected to enhance AWC’s market presence and contribute positively to its earnings until their completion in August 2029.

The Group’s CEO, Ahmad Kabeer bin Mohamed Nagoor, highlighted the significance of these wins, particularly noting a project for a public facility in Singapore. “This underscores the confidence placed in our technical expertise and our ability to meet stringent operational requirements,” he stated. The contracts bring AWC’s cumulative wins in FY26 to approximately RM450m, providing clear earnings visibility.

AWC’s Environment Division is a global leader in AWCS, having completed notable projects such as the world’s tallest AWCS at Merdeka 118. The Group anticipates continued growth in Malaysia and expects the Singapore market to offset a slowdown in the Middle East. The increasing emphasis on sustainability and efficiency in urban environments presents growth opportunities for modern waste management solutions, with AWCS becoming integral to urban infrastructure.

AWC Berhad, headquartered in Subang Jaya, Malaysia, operates in facilities management, environment, engineering, and rail sectors across Asia and the Middle East.

Ever Glory United Holdings Limited has announced the acquisition of new contracts worth S$508m, boosting its total order book to S$732.8m as of 31 December 2025. The contracts span high-value sectors such as healthcare, hospitality, and public infrastructure, underscoring the company’s diverse project portfolio.

The CEO and Executive Director of Ever Glory, Xu Ruibing, described 2025 as a pivotal year for the company. “Crossing the half-billion-dollar mark in new contract wins is more than just a financial milestone – it is a powerful endorsement of our technical prowess and our clients’ unwavering confidence in our ability to deliver mission-critical infrastructure,” he stated. The company is involved in constructing essential infrastructure across Singapore, from hospitals to luxury hospitality venues.

Looking ahead to 2026, Xu expressed optimism about the company’s future, citing the thriving construction and infrastructure market in Singapore. With a robust pipeline of opportunities, Ever Glory is well-positioned to secure additional significant projects in the coming years. Xu emphasised the company’s commitment to disciplined execution and leveraging integrated capabilities to deliver superior value to stakeholders and partners.

The momentum achieved in 2025 sets the stage for stronger performance, reinforcing confidence in Ever Glory’s long-term growth trajectory. As the company continues to expand its project portfolio, it remains focused on capitalising on emerging opportunities within Singapore’s dynamic market.

The National Volunteer and Philanthropy Centre (NVPC) has released its inaugural National Corporate Purpose & Impact Study 2025, revealing that nearly 8 in 10 companies in Singapore believe they have a moral duty to support broader societal goals. The study, which surveyed 1,100 companies across nine industries, highlights a strong engagement in Corporate Purpose initiatives, particularly in the “People” impact area, with 94% participation.

The study indicates that all surveyed companies are involved in at least one of the five impact areas: People, Society, Governance, Environment, and Economic. Notably, 21% of companies are actively engaged across all five areas. The “Society” impact area, focusing on corporate volunteering and donations, presents growth opportunities, with 30% of companies currently participating.

A significant finding is the rise in median employee volunteer participation, which increased from 50% in 2021 to 70% in 2025. Additionally, the median value of donations grew to $10,000 in 2025, reflecting a deepening commitment to social causes.

The study underscores the importance of supportive leadership in fostering corporate impact. It found that whilst financial constraints are often cited as barriers, leadership commitment is the decisive factor in adopting Corporate Purpose initiatives. David Gomulya, an adviser for the study, noted, “The real barrier isn’t ‘can we afford this?’ but rather ‘do our leaders believe this matters?'”

NVPC’s CEO, Tony Soh, emphasised the growing recognition that a company’s long-term success is linked to its contributions to society and the environment. The study’s findings suggest that Singaporean companies are increasingly aligning their operations with broader social and environmental objectives, laying a foundation for enhanced corporate citizenship.

Venterra, the offshore wind services group, has bolstered its presence in the Asia Pacific region by opening an enhanced Oceanscan facility in Singapore. This expansion marks a significant investment aimed at supporting the offshore energy sector, reflecting growing client demand and Venterra’s commitment to the region.

The new facility, which mirrors the capabilities of Oceanscan’s Aberdeen headquarters, offers expanded office, storage, testing, and mobilisation space. Acquired by Venterra in 2024, Oceanscan provides subsea and non-destructive testing (NDT) equipment, geotechnical services, and specialist personnel. The Singapore site establishes a permanent regional base, supported by a team of 14 specialists, enhancing operational flexibility and reducing lead times for offshore projects.

Oceanscan has experienced strong growth, with a 54% increase in subsea rental revenue in 2025. The Asia Pacific region, including Singapore, saw a 33% growth, highlighting the strategic importance of local infrastructure. Derek Donaldson, CEO of Oceanscan, stated, “Holding a greater proportion of our rental fleet closer to where it’s needed improves availability and reduces mobilisation time.”

The facility’s opening was celebrated with a traditional Lion Dance ceremony, attended by clients, supply-chain partners, and representatives from the British Embassy in Singapore. Satish Kumar, Regional Director of Oceanscan, emphasised the importance of the new facility in supporting clients with enhanced capabilities.

Steve Coates, COO at Venterra, noted that the Singapore hub strengthens Oceanscan’s delivery capability and supports Venterra’s long-term commitment to the region. From Singapore, Oceanscan will continue to support offshore campaigns across Asia Pacific, complementing Venterra’s operations in countries such as Thailand, Japan, South Korea, and Taiwan.

FOMO Pay, a Singapore-based payment institution, has announced a strategic partnership with BNY, a global financial services company, to enhance its cross-border payment and collection capabilities. This collaboration will see FOMO Pay utilising BNY’s Virtual Reference Number solution, enabling corporate clients to conduct payments directly within the US domestic banking system. By leveraging BNY’s infrastructure, FOMO Pay aims to provide advanced corporate treasury solutions, offering a significant operational advantage over traditional cross-border USD transfers, which typically take two to three days to settle.

The integration with BNY allows eligible USD payments into the US to be settled on the same day, subject to network availability and cutoff times. Clients will also benefit from the ability to receive and make payments in their own name through the Collections-on-Behalf-Of (COBO) and Payments-on-Behalf-Of (POBO) services, enhancing transparency and operational control. Louis Liu, CEO of FOMO Pay, stated, “By offering virtual accounts with access to domestic clearing rails, we are enabling our clients to operate within the US banking system with greater control and confidence.”

Fabian Khoshbakht, Head of Asia Pacific Global Payments and Trade at BNY, highlighted the importance of robust infrastructure for maintaining a competitive edge in the rapidly evolving payment landscape. The partnership aims to empower clients with greater flexibility and control over global cash positions, supporting sophisticated treasury structures and long-term cross-border growth.

Founded in 2015, FOMO Pay is a licensed payment institution in Singapore, Hong Kong, and the United Arab Emirates, offering digital payment, banking, and asset solutions. BNY, with over 240 years of experience, serves a vast array of global clients, including 90% of Fortune 100 companies.

Precision for Medicine, a leader in biomarker-driven clinical research, has announced the opening of a new office in Singapore, marking a significant expansion in the Asia-Pacific (APAC) region. This strategic move aims to enhance client support and accelerate regional growth by leveraging Singapore’s central location and advanced infrastructure.

Jing Ping Yeo, Vice President of Clinical Operations, highlighted the importance of this expansion, stating, “This expansion, particularly with our new Singapore hub, signifies a major step in deepening our operational capabilities and localised expertise across APAC.” The new office will support trial oversight and delivery, accelerating site activation and ensuring efficient execution of complex clinical programmes.

The Singapore office is part of Precision’s broader APAC strategy, which includes locations in Mainland China, Hong Kong, India, South Korea, Taiwan, and Australia. With over 500 employees in the region, Precision aims to navigate the complexities of regional drug development and commercialisation more effectively.

For global partners, this expansion positions Precision as a unified contract research organisation (CRO), reducing the complexity of managing multiple partners. For regional clients, it provides the capability to bring innovative therapies to global markets, including the US and Europe.

James Cheong, Senior Vice President of APAC, described the new office as “a strategic pillar in our mission to be the unified partner for precision medicine development, both globally and within the dynamic APAC landscape.” This development underscores Precision’s commitment to integrating global expertise with local insights.

The Ascott Limited, a wholly owned lodging business unit of CapitaLand Investment, has achieved a record-breaking year by signing 19,000 units across 102 properties in 2025, reflecting a 27% increase in new signings compared to the previous year. This expansion is part of Ascott’s asset-light strategy, focusing on high-fee segments such as resorts and leveraging franchise and conversion activities.

Ascott’s strategic growth includes entering over 10 new cities across Asia Pacific and Europe, notably launching its flagship brand in Taipei and introducing lyf in Wellington. The company now operates and has under development more than 1,000 properties with over 176,000 units globally. Kevin Goh, CEO of Ascott, highlighted the milestone, stating, “2025 marked a key milestone for Ascott as we accelerated asset-light signings and strengthened revenue visibility.”

The company has also expanded its resort portfolio to over 50 properties in prime locations such as Phuket and Bali, driven by strong leisure travel demand. Notable additions include the 693-unit HARRIS Resort Cam Ranh in Vietnam and new branded residences in Phuket and Shenzhen. Serena Lim, Chief Growth Officer, noted the importance of flexibility and choice for consumers, saying, “As travel evolves into a lifestyle, consumers are seeking greater flexibility and choice in how they live, work and explore.”

Franchise agreements accounted for over a quarter of the new units, with significant growth in East Asia and Australia. Conversions also played a crucial role, with over 38% of units signed in 2025 being conversions, demonstrating Ascott’s ability to swiftly reposition assets and generate revenue for owners.

As Ascott continues to expand its global footprint, the company is well-positioned to exceed its S$500m fee revenue target as its pipeline becomes operational.