Singaporean natural health and wellness company Eu Yan Sang International (EYSI) has announced that Richard Eu will be stepping down as Group Chief Executive Officer, effective 1 October.
Group Chief Operating Officer Aaron Boey has been named Group CEO (Designate) with effect from 1 July and will assume leadership as Group CEO on 1 October. Eu will take on a non-executive role as Chairman of the EYSI Board, replacing Robert Eu.
Richard Eu joined EYSI in 1989 when the company had only eight outlets, in Singapore, Malaysia and Hong Kong. Eu transformed the company into one of Asia’s largest Traditional Chinese Medicine (TCM) groups. Eu was named the Ernst & Young Entrepreneur of the Year 2011 (Singapore) and in 2016 he was lauded as the Brand Leader of the Year by InfluentialBrands. In 2017, EYSI was recognised as the Top Heritage Brand at the Singapore Prestige Brand Award.
As Chairman of the EYSI Board, Eu will lead the EYSI Board in providing governance oversight, deliberating the group’s strategic choices, and supporting the new Group CEO and his team.
Eu said: “It has been a pleasure and privilege to work with many talented and dedicated colleagues to create a trusted brand that is recognised by consumers for quality and excellence. There is increasing acceptance of TCM as a natural means to health maintenance in addition to its curative qualities, and we continue to see growth opportunities in the region.
Following the Path of the Righteous Crane |
“This transition is part of our long-term succession plan. I am confident we will remain a forward-looking and innovative company under Aaron’s leadership. I look forward to working with him and all stakeholders to bring EYSI to even greater heights.”
As Group CEO (Designate) of EYSI, Aaron Boey will assume leadership for all strategic and operational aspects of the business, as well as investments, joint ventures and partnerships. He will also report and work closely with the board to ensure the long-term sustainable growth and success of the group.
Boey has experience in brand management, marketing and retail. Prior to joining Eu Yan Sang, he held senior level marketing and general management roles in large Asian and foreign multinational companies such as Levi Strauss & Co, Asia Pacific Breweries and Philips Consumer Electronics.
Boey said: “It is an honour to be selected as the next Group CEO of Eu Yan Sang, an iconic heritage company with a storied history, yet has a keen eye on the future. We are in the ideal position to capitalise on global wellness trends to create new opportunities to further elevate the brand and position the company for long-term profitable growth.”
