Mark Lee succeeds Teo Siong Seng as Singapore Business Federation chairman
Mr Teo decided not to seek re-election after the United States accused him of being part of a price-fixing cartel involving dry shipping containers.
New Singapore Business Federation chairman Mark Lee (left) and his predecessor Mr Teo Siong Seng. (Photos: SBF, CNA/Liew Zhi Xin)
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SINGAPORE: Businessman Mark Lee has been elected chairman of the Singapore Business Federation (SBF), taking over from shipping executive Teo Siong Seng, whose term ended on Wednesday (Jun 24).
Mr Lee is the CEO of Sing Lun Holdings, which has interests spanning industries, real estate and investments.
He was elected by the newly formed SBF council at its annual general meeting on Wednesday and will serve a two-year term from 2026 to 2028.
Mr Lee, a Nominated Member of Parliament, previously served as SBF’s vice-chairman and treasurer, and had been carrying out the chairman’s duties in recent weeks.
"As chairman of SBF, my priority is to ensure that businesses remain competitive, resilient and future-ready," Mr Lee said.
"We will work closely with businesses, government and industry partners to develop practical solutions, foster a pro-enterprise environment and help companies build the capabilities needed to innovate, internationalise and grow with confidence."
Mr Lee also pointed to opportunities for Singapore to deepen regional economic integration, particularly as it prepares for its ASEAN chairmanship in 2027.
"SBF will work with partners across the region to translate these opportunities into tangible outcomes for businesses and advance a more connected, innovative and sustainable ASEAN," he added.
Mr Lee's predecessor, Mr Teo, took a leave of absence from his duties as SBF chairman in May after the United States accused him of being part of a price-fixing cartel involving dry shipping containers.
He said in a statement at the time that he would not seek re-election as SBF chairman.
Since being named by the US Justice Department in late May, Mr Teo has also taken a leave of absence from his roles at the Singapore Economic Resilience Taskforce, as well as from the National University of Singapore and the shipping firm Pacific International Lines.
SBF thanked the outgoing council members, including Mr Teo, for their contributions to Singapore's business community.
Mr Lee’s appointment comes as businesses navigate geopolitical tensions, rapid advances in artificial intelligence and evolving global trade patterns, which he said present both challenges and opportunities.
