I refer to “Ng Yat Chung to replace Alan Chan as SPH CEO from Sep 1”. CNA
Many Singaporeans are screaming with joy after learning that a former paper general has been appointed to head SPH because he is likely to take SPH down the same NOL path.
Besides stating Ng “was previously CEO of shipping firm Neptune Orient Lines”, nothing else was mentioned about Ng’s achievements in the CNA article. Hmm .. which company hires a CEO with no past achievements?
SPH shareholders should get to know the appointed CEO better and find out if former paper-general Ng is bringing anything at all to the table.
Ng created history when he sold NOL – after years of losses – to a French company last year. Despite this, Ng was praised by SPH chairman Lee Boon Yang, a former cabinet minister who had studied in Australia to be a vet.
Lee Boon Yang: “..will complement our diverse strengths and expertise. He will help us to steer SPH to greater heights of organisational and business excellence.” The Independent
Lee was obviously talking cock and there is ample proof of this.
Since Ng became CEO, NOL had lost money every quarter.
Shouldn’t SPH shareholders be really worried?
Before Ng was parachuted into Temasek Holdings, his only experience was 28 years in the military. He subsequently became CEO of NOL, a Temasek-linked company. Ng does not have any relevant experience to run SPH.
SPH is a media dinosaur as is evident from the destruction of shareholder value by scholar-CEO Alan Chan.
Point to note is SPH has no competitors and its main publication some refer to as ‘Shitty Times’ is supported by every government agency, schools and businesses. Since Alan Chan became CEO in 2003, the population has also increased by 1.6 million.
Logically, SPH share price should increase over time but today, it is lower than 14 years ago.
Chan himself was also parachuted into SPH after retiring from the civil service. Can any civil servant who has been earning tax dollars all his life become a CEO overnight?
Chan was not running a media organisation but helping his political masters disseminate propaganda. That investors have started dumping SPH shares and will continue to do so should not surprise anyone.
CEO-designate Ng will bring nothing to SPH’s table and very likely to run SPH into the ground, just like he did NOL. But no one will be complaining.