24 October 2011 (Singapore) – Mr. Richard Eu, Group CEO, Eu Yan Sang International Ltd has been chosen to represent Singapore at the Ernst & Young World Entrepreneur Of The Year 2012 award ceremony in Monte Carlo next year.

Mr Eu is also this year’s Ernst & Young Entrepreneur Of The Year in the Traditional Healthcare category, and is one of only four winners of this year’s Ernst & Young Entrepreneur Of The Year awards, which received over 60 nominations.

“Many people dream of making a difference, but to become a successful entrepreneur, you have to also be willing to get your hands dirty with hard work. Dream of your destination, but harness your perseverance, determination and tenacity to get you there” Mr. Eu shared. “It hasn’t been easy and I’ve had moments of doubt, but when I hear personal testimonials of how our products and services have improved lives, I know that it has been worth it.”

To groom the next generation of young entrepreneurs, Mr. Eu sees himself as a mentor, an educator and a coach. He is a regular speaker at a number of institutes of higher learning like INSEAD, Singapore Management University (SMU) and Singapore Institute of Management (SIM). “I think it is important for us to pass the baton to the next generation, and do our part to help mould future entrepreneurs in the hope that they will positively impact other people’s lives” he said.

Besides steering Eu Yan Sang safely through economic challenges and industry changes, Mr Eu is also recognised as the driving force behind renewing TCM and making it more accessible and understandable for the modern consumer. His vision of taking a modern, scientific approach to the production and retailing of TCM has made Eu Yan Sang an industry leader in Singapore and the region.

Over the last ten years, Mr. Eu’s foresight and success has landed him accolades such as the finalist in the Ernst & Young Entrepreneur of the Year Award in 2003. Mr. Eu also received the “Best CEO of the Year Award” for companies with less than $300 million market capitalisation at the Singapore Corporate Awards (SCA) 2010.

As head of the listed company which began as a family business in 1879, Mr. Eu immediately capitalised on opportunities for TCM in the growing consumer integrative healthcare and wellness markets, and began broadening the appeal of TCM by launching more convenient and easy-to-use products, in modern and accessible retail outlets. His innovative approach soon resulted in Eu Yan Sang brand products being distributed in supermarkets, pharmacies, health-food stores and its online store.

A man of diverse interests, Mr. Eu was a merchant banker, a stockbroker, and a venture capitalist before joining Eu Yan Sang as a general manager in 1989.