Khaw Boon Wan to step down as SPH Media Trust chairman
He will hand the role to Chan Yeng Kit, who will continue as CEO; changes are set to take effect from Oct 1
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[SINGAPORE] SPH Media Trust (SMT) chairman Khaw Boon Wan will step down after five years at the helm, handing the role to CEO Chan Yeng Kit.
Chan will continue in his current role while taking on additional responsibilities as chairman.
The changes, agreed upon after consultation with SMT’s institutional members and board directors, are subject to regulatory approval and expected to take effect from Oct 1.
SMT publishes The Straits Times and The Business Times, among other titles.
In a statement on the leadership transition, Khaw, 73, said: “As the SPH operations have stabilised, I think it is a good time for me, a retiree, to wind down my involvement in this project.”
Khaw was coordinating minister for infrastructure and minister for transport when he retired from politics in 2020.
In May 2021, he was appointed chairman of SMT following a restructuring of then publicly listed Singapore Press Holdings (SPH) that hived off its media operations into a not-for-profit company limited by guarantee (CLG).
At that time, SPH’s traditional advertising-funded business model was under strain from digital disruption.
With advertising earnings expected to continue on a downward trajectory, SPH shareholders were not likely to tolerate the continued negative impact that the media business would have on the company’s financial prospects, and over time the business would become whittled down, then SPH chairman Lee Boon Yang said in 2021.
Khaw said that the change in business model meant the CLG’s accountability shifted to SMT’s institutional members, which has enabled SPH to more effectively continue its public mission of providing quality and trustworthy news in Singapore.
When the media business was carved out, 16 institutional members – including key local institutions such as banks and universities – replaced commercial shareholders as custodians of the business.
This helped relieve the short-term profit and dividend pressures that the previous listed company faced.
Progress on revenue, reach and reputation
The CLG has not wasted the last five years, said Khaw.
He noted that SPH Media now reaches nearly nine in 10 digital and print readers across Singapore on a weekly basis through its multi-channel, multi-platform, multi-format and multi-tonal portfolio strategy.
This comprehensive approach proved effective during major national moments. Khaw noted in particular that SPH Media’s coverage of the 2025 General Election and the year-long SG60 celebrations received extensive digital and social media viewership. The CLG also enhanced its digital products, such as the redesign of the ST app, as well as refreshes of the Lianhe Zaobao, Berita Harian and Tamil Murasu apps.
Regular community initiatives have also been started to engage the youth, senior and vernacular audience segments.
“Fellow publishers around the world have noted SPH’s achievements. The many awards that our news titles picked up are reassuring evidence,” said Khaw. “This included coveted awards in very competitive fields given out by news industry associations like the International News Media Association and the World Association of News Publishers.” He added that he was especially pleased with the achievements of the management team led by Chan, which has sharpened SPH Media’s mission, updated its strategy and achieved significant digital transformation within the organisation. “While the media landscape remains fragmented, the CLG has made good progress,” he said. “Credit must go to the SPH colleagues, as well as the government, which supports us meaningfully in both capacity and capability development.”
Renewal and succession
Noting that he would be over 78 at the next GE, Khaw said it was not wise for him to still be at the helm of an important institution then.
He added that with Chan and his team “firmly established, this is the right time to move aside”.
“They will then have enough time to further consolidate the trust and credibility with the audience, the newsrooms and our stakeholders. Then we can be confident of a strong team to take SPH through the next GE cycle and other national events.”
Khaw said that some board directors have also asked to step aside so that fresh expertise and experience could be tapped, though some will stay on to help his successor.
He expressed his gratitude to his fellow board directors who stepped forward to help with the restructure and transformation of SPH’s media business.
The process of leadership refresh and renewal is also ongoing at both the newsrooms and executive level, with senior executives being groomed to take on larger roles, including as CEO eventually, he added. More details will be shared in due course.
Chan will be the first SPH Media chairman who was not a former Cabinet minister.
Asked if this might affect SPH Media’s engagement with the government, Khaw said it was useful but not necessary for the chairman to be a former minister.
The key is to have someone with a good track record and who is well trusted by the government, and Chan fits the bill well, he added.
Prior to joining SPH Media, Chan’s roles included permanent secretary of the former Ministry of Information, Communications and the Arts, and founding chairman of the Infocomm Media Development Authority.
“His background in new media and technology, in fact, puts him ahead of me,” said Khaw. “He has an edge over me. I am confident he and his team will do well.” THE STRAITS TIMES
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