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Eli Lilly elects former DBS CEO Tai to its board

INDIANAPOLIS (AP) -- Drugmaker Eli Lilly said Tuesday that Jackson Tai, a former investment banker and CEO of DBS Bank, will join its board Nov. 1.

Eli Lilly and Co. said Tai, 63, worked as an investment banker for JPMorgan Chase & Co. for 25 years and was later CEO of DBS Group Holdings Ltd. and DBS Bank Ltd. of Singapore. It said he is on the board of Bank of China Ltd., Singapore Airlines Ltd., NYSE Euronext, MasterCard Inc., and Royal Philips NV.

In 2012, Lilly paid its nonemployee directors an annual retainer of $100,000, according to a filing with the Securities and Exchange Commission. Members of the audit committee received an additional $3,000. They also received stock worth $145,000, placed in a deferred account until the board member's service ends.

There are currently 14 directors on Eli Lilly's board.