Singapore, 30 March 2011... The Monetary Authority of Singapore (MAS) announced today that Mr Ravi Menon will be appointed Managing Director with effect from 2 April 2011. He takes over from Mr Heng Swee Keat, who will retire from the Administrative Service on 2 April 2011.

2   Mr Heng has made significant contributions to MAS since he joined the organisation as Managing Director on 1 June 2005.  Under his leadership, MAS strengthened supervision of financial institutions in Singapore as well as our financial stability, surveillance, research and risk management capabilities. MAS also expanded its engagement with international organisations such as the Bank for International Settlements, Financial Stability Board and International Monetary Fund, as well as with central banks in the region.  During the global financial crisis and recession, Mr Heng led MAS in managing the impact of external shocks to the Singapore economy and financial system.  MAS swiftly implemented a series of measures.  Throughout this period, financial markets in Singapore functioned normally and confidence in Singapore’s financial sector and the Singapore Dollar was maintained.  As a result, the financial services sector experienced strong growth in 2010 and many new jobs were created.  To build MAS' capabilities to deal with more complex and difficult challenges in the future and to better coordinate and manage the span of MAS' responsibilities, Mr Heng restructured the organization into eight functional groups.  He also launched several initiatives on professional and leadership development for MAS staff, including setting up the MAS Academy. 

3   Mr Heng was awarded the Meritorious Service Medal in 2010 for his achievements and outstanding contributions to the Public Service.

4   Mr Menon started his career in MAS in 1987 and became its Assistant Managing Director in 2002. He spent a year at the Bank for International Settlements in Basel, Switzerland, as a member of the Secretariat to the Financial Stability Forum, which was established in 1999 by G7 Finance Ministers and Central Bank Governors to promote global financial stability.  Mr Menon was seconded to the Ministry of Finance in 2003 where he was appointed Deputy Secretary (Policy). He joined the Administrative Service in 2005.  In 2009. Mr Menon was appointed Permanent Secretary (Trade and Industry). 

5   The Board, senior management and staff of MAS thank Mr Heng for his invaluable contributions and welcome Mr Menon.

6   Mr Heng will continue as a Director on the MAS Board.  Mr Koh Yong Guan, Chairman, Central Provident Fund Board, will step down from the Board with effect from 1 April 2011.  The members of the MAS Board of Directors are listed in the Annex.

***

ANNEX

Board of Directors of the Monetary Authority of Singapore
(with effect from 2 April 2011)

Mr Goh Chok Tong (Chairman)
Senior Minister

Mr Lim Hng Kiang (Deputy Chairman)
Minister for Trade and Industry

Mr Tharman Shanmugaratnam
Minister for Finance

Mr Ravi Menon
Managing Director, MAS

Mr Heng Swee Keat

Mr Lim Chee Onn
Senior Advisor, Keppel Corporation Limited;
Chairman, Singbridge International Singapore Limited

Mr Teo Ming Kian
Permanent Secretary (National Research and Development), Prime Minister’s Office; Advisor (Special Projects), Ministry of Finance

Mr Lucien Wong Yuen Kuai
Managing Partner, Allen & Gledhill

Mr Peter Ong Boon Kwee
Permanent Secretary, Ministry of Finance

Mr Sundaresh Menon
Attorney-General