Ng Yat Chung is new SPH CEO, Alan Chan to retire from Sept 1, Latest Singapore News - The New Paper

Ng Yat Chung is new SPH CEO, Alan Chan to retire from Sept 1

This article is more than 12 months old

Singapore Press Holdings (SPH) will have a new chief executive officer (CEO) from Sept 1, the media and property firm announced yesterday.

Mr Ng Yat Chung, 55, currently a board director, will take over from Mr Alan Chan Heng Loon, 64, who is retiring after 15 years at SPH.

Mr Ng, a former chief of defence force and former chief executive of Neptune Orient Lines, will be appointed executive director on July 1 and assume the post of CEO on Sept 1.

He joined the SPH board last August as an independent director, chairing the board risk committee.

Mr Ng, who was with Temasek Holdings after leaving the Singapore Armed Forces, takes the helm at a challenging time for the company's traditional media business.

While the latest quarterly results showed only a 1.2 per cent dip in net profit, recurring earnings from day-to-day operations were 22.2 per cent lower.

Mr Ng is confident of prospects, noting: "There are vast opportunities that can be reaped despite these challenges facing us."

Other changes announced yesterday included the retirement of deputy CEO Patrick Daniel.

Mr Daniel, 63, will step down from Sept 1 but continue as a part-time consultant and assist Mr Ng in managing some SPH subsidiaries and projects.