SPH appoints Yeoh Oon Jin to the board as independent director

MEDIA company Singapore Press Holdings (SPH) T39 : T39 0% has named Yeoh Oon Jin as an independent director, with his appointment starting on July 9.

Mr Yeoh will sit on the executive committee and the audit committee, said SPH, the publisher of The Business Times, on Thursday.

Mr Yeoh said: "I'm honoured to be given this opportunity to join the SPH board. During this time of change for SPH, I'm glad to be able to tap on my experience to contribute to the company's strategic growth and success."

SPH chairman Lee Boon Yang noted that it is timely for Mr Yeoh to join the board as it is facing unprecedented challenges from the disruption to the media industry as well as the impact of the ongoing pandemic.

Mr Lee said: "Having grown and transformed PwC Singapore from a traditional audit and tax firm into a leader in accounting and consulting services, Oon Jin's knowledge and leadership will be a tremendous asset to SPH. His experience will be extremely valuable as we continue with the strategic review of our businesses."

The company has proposed a restructuring that involves a transfer of its media business to SPH Media Trust, a company limited by guarantee. This company structure will allow any future earnings from the media business to be reinvested into the media operations rather than be distributed to shareholders.

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This directorship is the second announced for the 60-year-old in a week, with the mainboard-listed flag carrier Singapore Airlines, earlier welcoming him to its board in August.

Mr Yeoh is the immediate past executive chairman of PwC Singapore, where he had served 38 years at the auditing firm.

He is currently the chairman of Singapore Land Authority and vice-chairman of the Singapore Business Federation, as well as a board member of Singapore Exchange.

He was previously a board member of Jurong Town Corporation, the Accounting & Corporate Regulatory Authority and the National Arts Council. Mr Yeoh was also the vice-chairman of the Singapore Institute of Directors, past council member of the Institute of Singapore Chartered Accountants (ISCA) and past chairman of the Auditing & Assurance Standards Committee of ISCA.

SPH ended 1.69 per cent or three Singapore cents lower at S$1.75 on Thursday, before this announcement was made.