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SINGAPORE Press Holdings (SPH) will appoint former Neptune Orient Lines (NOL) chief executive Ng Yat Chung as its new CEO, while current CEO Alan Chan and deputy CEO Patrick Daniel will retire, the media and property group announced on Friday.
Mr Chan, 64, is retiring after 15 years at the company to allow for renewal of the company's management and board, said SPH, which owns The Business Times. His exit will be effective on Sept 1, 2017.
Mr Daniel, 63, will continue as a part-time consultant to assist Mr Ng. Current deputy CEO Anthony Tan will remain at his post.
Mr Ng, who is currently an independent director of SPH, will become an executive director from July 1. Independent director Andrew Lim will replace Mr Ng as chairman of the board risk committee.
SPH chairman Lee Boon Yang extended the board's appreciation to Mr Chan. "Alan has served SPH with great distinction in the last 15 years," Mr Lee said. "Under his leadership, SPH expanded its core media business to multiple platforms across print, digital, radio and outdoor and from a handful of magazine titles to more than 100 titles today. From just a media company, SPH now has a portfolio of retail and commercial properties and had established a real estate investment trust about four years ago, runs an exhibitions and events business in Singapore and the region, and has entered the healthcare industry. We have to credit all these milestone achievements to Alan's stewardship."