DBS Group CEO passes away

SINGAPORE: DBS Group Holdings confirmed on April 11 that its chief executive officer Richard Stanley passed away at 8.36am.

DBS said in a statement Stanley’s family kept vigil all night long and were by his side as he slipped away peacefully. He is survived by his wife Koh Li Peng and three children.

“Stanley, who joined DBS on May 1, 2008, was diagnosed with acute myelogenous leukemia in late January. His form of leukemia was treatable and he had been responding well to treatment.

“After two rounds of chemotherapy, earlier this week, his doctors believed that his cancer was in remission. Unfortunately, his weakened immune system made him susceptible to infection. His condition rapidly deteriorated over the last 48 hours and this morning, he succumbed to the infection,” it said.

While Stanley was on medical leave, chairman Koh Boon Hwee took on an active management oversight role and has been working closely with the senior management team to ensure continued strong leadership.

"This will continue and there will be no change in the bank’s strategic direction. The board will announce succession plans in due course,” it said.