SINGAPORE'S DBS Group , Southeast Asia's biggest bank, said on Thursday that Chief Executive Richard Stanley, who was hired in May last year, is suffering from leukemia. Koh Boon Hwee, the bank's chairman, will take charge of the bank during Stanley's three to six months' absence for medical treatment, the bank said in a statement.
DBS shares were suspended from trading on Thursday morning before the announcement and resumed trade around 11.30am. By 11.35am, DBS shares were down 0.8 per cent at $5.17, underperforming a decline of 0.3 per cent in the benchmark Straits Times Index .
Mr Stanley, 48, was hired last year from Citigroup with an aim to expand the bank's reach beyond its two core markets, Singapore and Hong Kong.
The bank said Mr Stanley has been diagnosed with 'acute myelogenous leukemia' and has started undergoing medical treatment in Singapore.
A surgeon at a Singapore hospital, who declined to be named because he is not authorised to speak to the media, told Reuters that acute myelogenous leukemia is a fast-spreading cancer of the blood that requires immediate chemotherapy and a bone marrow transplant at a later date.
Analysts said the bank's strategy would not change during Stanley's absence because DBS was in defensive posture amid a global economic downturn.
'If he is out of action, then the critical decisions will be delayed until his situation stabilises or DBS finds an alternative,' said David Lum, an analyst at Daiwa Institute of Research.
The bank said Mr Stanley sought treatment for what appeared to be ordinary flu-like symptoms on Monday after experiencing a cough and high fever during the Lunar New Year weekend.
He was hospitalised the following day and his medical condition was confirmed this morning, the bank said, adding that Mr Stanley's illness is treatable.
DBS reports its fourth-quarter results on Feb 13. -- THOMSON REUTERS
Why so many people suffer from cancer? It is incurable.
ReplyDeleteJasmin
I am sorry the poison got him.
ReplyDeleteThe fact that DBS traded up +11c immediately after the announcement speaks ill for this angmo. He chopped off 900 jobs and now facing retribution. Nobody welcome him back after 6mth.
ReplyDeletePerhaps MOH should do a survey to see the eating pattern of these people. For example, where does Richard go for his lunch and dinner in Singapore? What kind of food does he usually take? This may give a clue why he is suffering from this sickness now.
ReplyDeleteI wish he take this chance to rethink the meaning of money. There are sure many things more important than money. To have health, be honest, kind, fair, willing to help others.
ReplyDeleteI prey for him and wish he can be a new guy after recovery.
so sudden.
ReplyDeleteDid this CEO declear his health problem last year when he was employed by DBS?
He was from Citigroup. He must have been talent spotted by the Citigroup top advisor and poached over to DBS. Isn't there any policies in Citigroup to prevent poaching? He can be considered a Singaporean at heart and soul and body as his wife and children are all Singaporeans. He wll still be valued after six months because everyone has to deal with him knows that he is valued by the top advisor.
ReplyDeleteSigh...
ReplyDeletewhy so many young children, teenage and old folk around the world or in singapore suffering from cancer and terminal illiness and nobody interested or care..about their condition.
And the media is so overly concerned about this CEO condition.
Ya... forgot we belong to the " less mortals " ....