DBS Group unveiled a shake-up of its senior management yesterday, naming Philippe Paillart as its new chief executive and vice-chairman.
The French executive, 48, will replace John Olds, whose decision to hand over the reins at Southeast Asia's largest bank has long been anticipated.
Mr Olds, 57, joined the Singapore-based group in August 1998 and has been credited with overhauling the government-linked business' operations, building it up as a leading player in the region.
The American was among the first senior-level Westerners brought into Singapore to sharpen the focus of the city-state's business interests in a bid to make them more competitive and international.
S. Dhanabalan, DBS Group chairman, said Mr Olds 'has helped put in place the building blocks essential to continuing our expansion in the region and DBS's development as a world-class financial institution in Asia.'
Mr Paillart joined the group last May as head of the consumer banking division, after a career with Ford Motor Credit and Standard Chartered Bank. His name has been among those tipped for the top post.