STI: Fond farewell for a 'people's CEO'

April 14, 2009

Fond farewell for a 'people's CEO'

Mourners pack the funeral of DBS chief Richard Stanley

By Michelle Tay 

 

NEARLY 1,000 mourners, who packed the funeral mass of DBS Group Holdings' chief executive Richard Stanley yesterday, got a glimpse into the life he led outside his job as head of the largest lender here.

 

Eulogies by his father, close friends and colleagues described a man who was not merely a tough banker, but also one who showed great compassion.

 

Mr Stanley died at the age of 48 on Saturday morning after a short battle with leukaemia.

 

The pews at the Catholic Church of St Teresa were crammed with his family, friends and colleagues in a testament to how he had touched their lives, said DBS chairman Koh Boon Hwee in his eulogy.

 

They heard of a man who was good-humoured and optimistic; a loyal friend, a family man and a 'people's CEO' - or just the affable American who insisted on being called 'Rich'.

 

But to his family, he was 'Rick', said his father, Mr Richard Paul Stanley, his soft voice choking with emotion.

 

Mr Stanley Sr, who flew in from New York with his wife about 10 days ago, recalled in his eulogy how he and his son used to play softball and basketball together, and how they had never exchanged unkind words or disagreed.

 

'Because we live so far away in America, we never knew how much he was loved and respected until his death,' he added, leaving many mourners wiping away tears.

 

Mr Koh also said: 'To me, the quality that characterises Rich as a person is his bigness of heart. Rich never bore any grudges.'

 

Citigroup's senior vice-chairman Bill Rhodes, who visited Mr Stanley here six weeks ago, wanted people to know of the passion and commitment the late banker brought to his work and relationships.

 

In a eulogy read on his behalf as he could not be present, Mr Rhodes said Mr Stanley had proven 'true to form...in meeting the challenge of his treatment head on with the full force of his Irish-Italian personality'.

 

Mr Henry Hamrock, the best man at Mr Stanley's wedding to Ms Koh Li Peng, spoke of the way those qualities played out in his life: 'The morning after he met Li Peng...he told me she's beautiful, sexy, a former Miss This and a former Mrs That.'

 

Ms Koh was Miss Singapore in 1984 and Mrs Singapore in 1988. The couple married a few years after the second pageant.

 

Although she has not spoken to the media, she was described as being calm throughout the service.

 

Mr Hamrock commended her for being strong and not afraid as she stayed by her husband's side in his last moments, caressing his face.

 

On a lighter note, friends and family also said they will have fond memories of the avid golfer. Said Mr Hamrock: 'We will miss his unique swing, which was not quite textbook.'

 

Mr Stanley Sr chipped in that the only problem with his son's game was that his wife played it better than he did - which made him both proud and frustrated.

 

At the end of the service, friends and family bowed their heads as they paid their last respects.

 

About 500 DBS staff members - some with moist eyes - followed the casket out of the church for the final journey to Mandai Crematorium around 4.15pm.

 

Earlier, hundreds more of the bank's staff had lined Shenton Way as the cortege made its way past DBS Towers for one last goodbye.

 

A little after 2pm, everyone bowed their heads in respect as the hearse drove by. A few wept silently.

 

About a dozen cars and a bus, carrying family and friends, followed the hearse as it made its way to the church, and another six buses were chartered to ferry staff from Shenton Way to the service.

 

At 2.45 pm, a minute of silence was observed at all DBS branches, where transactions came to a standstill.

 

Mr Jeffrey Toh, DBS Institution Banking Group's senior vice-president, told The Straits Times: 'Everyone is shocked and saddened by his death. It is difficult and hard for us to accept.'