Announcing retrenchments again today (Mar 20), 13 reporters from state media Singapore Press Holdings’ magazine department has been fired due to falling readership. The total headcount of the 151st-ranking SPH has been reduced by 20% from 379 at 7 months ago in August 2017, to only the present 300. More will be retrenched according to SPH:
“This reduction has largely already been achieved through staff attrition and redeployment.”
In addition, SPH is also closing down it’s Genting Lane operations and relocating them to the old headquarters in Toa Payoh:
“SPH Magazines’ other operating units at Genting Lane and Outram Road will move to SPH’s headquarters in Toa Payoh. None of SPH Magazines’ titles will be closed, but their performance will continue to be monitored.”
In Oct 2016, more than 400 SPH employees were retrenched after former army general Ng Yat Chung took over as CEO. The New Paper was shut down, and a year later TodayOnline terminated circulation. SPH editorial are facing rapidly declining readership due to it’s lack of independence and constant publication of government propaganda. In Oct 2017, 40 reporters were fired.
SPH’s CEO Ng Yat Chung is the former CEO of Neptune Orient Line, which lost the country’s national shipping company after running it into billions of losses. Interestingly, NOL became profitable within a year after a French company took over.