Piyush Gupta to succeed Danny Teoh as Keppel chairman on 17 April
Keppel has named Piyush Gupta as its incoming chairman, succeeding Danny Teoh who will retire on 17 April after over 15 years on the board. The announcement coincided with Keppel's strong FY2025 results, showing a 29% profit increase.
- Piyush Gupta to become Keppel’s new chairman on 17 April as Danny Teoh retires.
- Keppel reported a 29% increase in full-year profit for FY2025.
- Strong earnings driven by infrastructure and connectivity business growth.
Piyush Gupta will become the next chairman of Keppel Corporation, following the planned retirement of Danny Teoh. The leadership transition will take place on 17 April, 2026, after Keppel’s annual general meeting.
The announcement was made by Keppel on Thursday, 5 February. Gupta, who has served as the company's deputy chairman since July 2025, will assume the role of non-executive chairman and independent director.
Gupta has held multiple board roles at Keppel, including seats on the nominating, remuneration, and board sustainability and safety committees. He will continue to serve on these committees after taking over as chairman.
Teoh, 70, steps down after more than 15 years as a Keppel board director and five years as chairman. Under his leadership, Keppel completed major structural changes, including the divestment of its offshore and marine business.
According to the company, this period marked a transformation for Keppel as it shifted from being an industrial conglomerate to a global asset manager and operator, focused on infrastructure, real estate, and connectivity.
Keppel noted that its share price more than tripled under Teoh’s five-year chairmanship.
Gupta paid tribute to Teoh, calling his leadership and contributions "invaluable". He said he looked forward to continuing Keppel’s transformation as a global asset manager with operating strength.
Teoh expressed confidence in his successor, stating: "Piyush is a highly respected business leader and I am very confident that under his chairmanship, Keppel will continue to grow and scale new heights."
Keppel CEO Loh Chin Hua also praised Gupta’s strategic insights, which he said have been "valuable" in the company’s repositioning efforts since Gupta joined the board.
Gupta previously served as chief executive of DBS Group from November 2009 until March 2025. During his tenure, DBS grew into a leading global financial institution.
He also chairs Temasek India and serves as an alternate member of the Council of Presidential Advisers. This body advises Singapore's president on safeguarding reserves and upholding public service integrity.
Strong FY2025 results signal transformation momentum
Alongside the leadership announcement, Keppel released its FY2025 financial results, reporting a 29 per cent rise in full-year profit.
For the year ended 31 December 2025, profit from continuing operations reached S$1.02 billion (US$801 million), up from S$787 million in 2024.
The increase was supported by strong performance across its three core segments: infrastructure, real estate, and connectivity. Recurring income also grew.
Keppel declared a final dividend of 19 Singapore cents per share, unchanged from the previous year. Additionally, it announced a special dividend of 13 Singapore cents, reflecting proceeds from S$2.9 billion in asset divestments in 2025.
The infrastructure division contributed the most to profit, with net earnings up 18 per cent to S$803 million. This was driven by resilient results in its integrated power business and expanding sustainability-related services.
The connectivity segment, which includes Keppel’s data centre operations, saw a 17 per cent rise in annual profit. The firm benefitted from rising demand for artificial intelligence and digital infrastructure.
Chief executive Loh Chin Hua said Keppel had capitalised on the digitalisation trend and AI momentum, including through new power generation capacity and a growing data centre presence in Asia-Pacific.
Funds under management (FUM) reached S$95 billion at the end of 2025, up from S$88 billion the year before. The company remains on track to achieve its target of S$100 billion by the end of 2026.
Following the announcements, Keppel’s shares rose as much as 3.3 per cent to a record high of S$11.31 in early trading. This contrasted with a 0.2 per cent decline in the broader market benchmark.
Board composition and governance
Upon Teoh’s departure, Keppel’s board will comprise eight directors, of whom seven are independent. The appointment of Gupta is expected to maintain strong independent oversight, aligned with corporate governance standards.
Keppel has positioned itself as a global player in sustainability-focused asset management and operations. The latest results and leadership transition suggest continued momentum in this strategic direction.
