The board of directors of Public Financial Holdings Limited announced the re-designation of Lee Huat Oon from an executive director to non-executive director of the company with effect from November 22, 2013. Lee was appointed as an executive director of the company in June 1996 and is currently the executive director and general manager/chief executive of Public Finance Limited. Lee is currently the acting chairman of The DTC Association.

There is no service contract signed between Mr. Lee and the company. His appointment with the company has no fixed term, but is subject to retirement by rotation and re-election at annual general meeting pursuant to the Bye-laws of the company.