Lim Boon Heng steps down as NTUC Enterprise Chairman

After more than a decade at the helm, NTUC Enterprise (NE) Chairman Lim Boon Heng will relinquish his seat as the head of the board of directors for the NE portfolio.

He announced his decision during NTUC Enterprise’s Extraordinary General Meeting (EGM), held on 30 October 2025.

Singapore National Employers Federation (SNEF) President Tan Hee Teck will succeed him as NE Chairman with effect from 31 October 2025.

During Mr Lim's address at the EGM, he shared that it has been a privilege for him to serve and lead NE. He thanked his colleagues and the team who have supported him over the years.

Mr Lim also took the opportunity to express regret for the unsuccessful Income-Allianz partnership.

"It is with some regret that what I have invested much time and thought in securing Income’s future through a strategic partnership has not come to fruition. Unfortunately, Allianz’s proposed offer for Income was withdrawn, and I take ultimate responsibility.

“While this particular chapter in Income’s history is closed, there is still much work to be done going forward for the NTUC Enterprise Board to consider all strategic options that can future-proof Income, taking into account considerations of stakeholders,” he said.

In a media release, NTUC said that Mr Lim’s exit marks the “end of an extraordinary tenure” that has helped shape the Labour Movement and improved the lives of countless workers and their families in Singapore.

A leader who helped shape generations

Mr Lim’s journey with NTUC began in 1981.

He started as a deputy director, was promoted to NTUC Assistant Secretary-General in 1983, and to NTUC Deputy Secretary-General in 1987.

Mr Lim left NTUC in 1991 to join the Ministry of Trade and Industry (MTI). He returned as NTUC Secretary-General in 1993, serving four terms until December 2006 before making way for Mr Lim Swee Say.

The Labour Movement held a tribute dinner for Mr Lim Boon Heng at the Orchid Country Club on 5 January 2007 when he stepped down as NTUC Secretary-General. 

In 2012, Mr Lim Boon Heng became the founding NE Chairman when NTUC and its affiliated unions consolidated their shareholdings across different enterprises.

Under his leadership, the NTUC Enterprise portfolio’s revenue grew from $6.5 billion in 2014 to $8.2 billion in 2024, with a net asset value of $4.6 billion across its three pillars: impact businesses, charities, and financial investments.

Under his stewardship, NTUC Enterprise became a key pillar of Singapore’s social safety net.

In the mid-2010s, Mr Lim spearheaded digital transformation across NTUC’s businesses, positioning FairPrice Group as Singapore’s leading omni-channel retailer with 1.75 million digitally connected customers.

Under his leadership, over $380 million was contributed in the past decade to support those in need, including union members and their families.

During the COVID-19 pandemic, he ensured the continuity of essential services and committed $70 million in community support packages.

NTUC Secretary-General Ng Chee Meng described Mr Lim as “a giant of the Labour Movement,” one who has selflessly devoted his entire career to the betterment of Singapore.

He said: “From his time as NTUC Secretary-General, laying the groundwork for many of the progressive labour policies we see today, to his instrumental role in shaping NTUC Enterprise into the powerful force for social good it is now, his impact is immeasurable.

“The foundation he built, based on a deep sense of mission and integrity, will continue to guide our efforts forward.”

NTUC President K Thanaletchimi expressed her deepest gratitude to Mr Lim, highlighting how his vision and contributions have laid a strong foundation for the Labour Movement in the years to come.

“I commend him for taking responsibility for the Income episode; his unwavering commitment demonstrates a strong sense of duty to ensure the sustainability of NE’s impact business. He has also laid the groundwork for a smooth transition for the new chairman. I warmly welcome Brother Tan to our Labour Movement,” she said.

Tan Hee Teck: The new NE Chairman

Mr Ng Chee Meng (5th from left), Mr Lim Boon Heng (6th from left), and Mr Tan Hee Teck (7th from left) at NTUC Enterprise's Extraordinary General Meeting on 30 October 2025.

According to NE, Mr Tan Hee Teck is well-positioned to steer the organisation into its next phase of growth, drawing on decades of experience across the private and public sectors.

Mr Tan brings a wealth of commercial expertise to strengthen NTUC Enterprise’s financial resilience, and he can build on the strong foundation established by Mr Lim, said NE.

Additionally, beyond the corporate sphere, Mr Tan has played an active role in national initiatives, serving as President of the SNEF, a member of the National Wages Council, and a Board member of the CPF Board.

His contributions during the COVID-19 pandemic earned him the Public Service Star (COVID-19) award in 2022.

NE added that Mr Tan’s distinguished career and commitment to community welfare align closely with its mission to enable better living and meet the needs of working families.

He said: “I am deeply appreciative of Mr Lim devoting his time and passion in steering NTUC Enterprise to serve its stakeholders in their best interests, and his commitment to uplifting our community. He has laid a strong foundation for the organisation’s future growth.

“It is an honour to take on the role of chairman and to lead NTUC Enterprise in its next phase of development. I look forward to working closely with the Board, management team, and stakeholders to further amplify the impact of the NTUC Enterprise portfolio.”

Read Mr Lim Boon Heng's full speech at NTUC Enterprise's EGM.