DBS Group Holdings confirmed on 11 April that Chief Executive Officer Richard Stanley passed away at 8.36 am this morning. 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 1 May 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.
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.
DBS’ employees sent hundreds of well-wishes to Stanley when his condition was first made known. “All of us at DBS are deeply saddened by the loss,” says Koh Boon Hwee, chairman. “Although Rich had been with DBS for less than a year, he had endeared himself to many people in the bank and helped strengthen the DBS franchise during a very challenging time for the industry. We will miss Rich and our thoughts and prayers are with his family during this time of bereavement.”
D.C.