ST Engineering's stock surged 3.08% during the morning trading session on Friday, marking a significant upward move for the Singapore-listed company.

The price movement follows the company's announcement that it has appointed Jeffrey Lam as group deputy chief executive officer, effective June 1. Lam, who is currently chief operating officer (operations excellence) and president of commercial aerospace, will step down from both roles to assume the new position.

Investors reacted positively to the leadership change, which was announced on Thursday after market close, with buying activity accelerating shortly after the market opened on Friday.