ComfortDelGro Corporation's Founding Managing Director / Group CEO, Mr Kua Hong Pak, passed away last night at the age of 74 after a long illness.
For 14 years, Mr Kua guided the Group through thick and thin, seeing it through several crises including the 2003 outbreak of severe acute respiratory syndrome (SARs). Despite the challenges, he never lost faith in the strength of the Group. As a result, ComfortDelGro's revenue during his tenure doubled from $2.02 billion in 2003 to $4.06 billion in 2016, with a compound annual growth rate of 5.1 per cent. The Group's total asset grew from $2.67 billion to $5.12 billion.
Mr Kua, who stepped down in 2017 but remained as Senior Advisor, also oversaw the Group's international expansion. It was under his stewardship that the Group made its first investment in New South Wales, Australia, in 2005 and expanded its footprint in China and the United Kingdom.
Today, ComfortDelGro is in seven countries and has the broadest geographical footprint amongst its global peers.
The Group expresses its deep and heartfelt condolences to Mr Kua's family. In joining them in mourning the loss of a corporate titan, all ComfortDelGro Group websites will be blackened and a minute of silence will be observed.