SPH appoints NOL's ex-CEO Ng as independent director

SINGAPORE Press Holdings (SPH) has appointed former Neptune Orient Lines (NOL) chief executive Ng Yat Chung as an independent director who will sit on the board risk committee.

Mr Ng is still an executive director on the board of NOL, and is also chairman of the board of trustees at the Singapore Institute of Technology.

"He will complement our diverse strengths and expertise. He will help us to steer SPH to greater heights of organisational and business excellence," SPH chairman Lee Boon Yang said in a statement. SPH is the parent company of The Business Times.

Mr Ng said: "Though the media landscape is rapidly evolving with technological advances, I am sure we can turn all challenges into opportunities. I look forward to working with the board to maintain our leadership position in the media sector, and to seek new growth for the company."

Mr Ng was Chief of Defence Force from 2003 to 2007, after which he joined Singapore government-owned investment company Temasek Holdings. He left Temasek in 2011 to join NOL, which was a Temasek investment at the time. Temasek is selling its entire stake in NOL to France's CMA CGM.

SPH shares closed at S$3.80 on Wednesday, up by 0.8 per cent or three Singapore cents, before the appointment was announced.