Former army general crony Ng Yat Chung has been appointed CEO at the state propaganda media company Singapore Press Holdings (SPH) today (May 26).
There is no explanation why the former Chief of Defence Force was selected as CEO but Lieutent-General Ng Yat Chung has zero experience managing a shipping business or a newspaper editorial industry. After losing his CEO job selling NOL, he was made Executive Director of the Singapore Press Holdings (SPH), the national propaganda media in July 2016. SPH stock price lost over 30% of its stock value in the 10 months since Ng Yat Chung became its director.
The state propaganda media has been making losses at its newspaper units, with yearly subscriptions and readership figures falling. Ng Yat Chung’s CEO position and his management skills will likely seal SPH’s losses but the company will be protected by Temasek Holdings like SMRT – another loss-incurring government-linked company managed by former army general Desmond Kuek.
Singapore is plagued with nepotism and the country’s key state-linked companies and government ministries are filled with former military officers with zero experience in their new appointments.