SPH names new CEO as Ng Yat Chung steps down along with directors

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Ng Yat Chung (pictured) has stepped down from his role as CEO of the Singapore Press Holdings (SPH), along with the current directors of SPH. Replacing Ng as CEO is Gerald Yong. Yong was formerly with CapitaLand for close to five years, most recently helming the role of CEO, special projects. He is also a board member at the Singapore Environment Council. Prior to CapitaLand, Yong was with The Ascott for over 15 years and, also worked with SembCorp Industries for close to eight years.

According to ST, Ng was with SPH as an independent director since July 2016 and was appointed as CEO in September 2017. He was tasked with working closely with the deputy CEO and group management team to tap new ideas and initiatives to steer SPH to greater heights, ST reported. Prior to joining SPH, Ng was with Neptune Orient Lines, where he last helmed the role of executive director. He was also previously its CEO.

After Ng joined SPH, the company reduced its headcount by 10% at the end of 2017. Ng said in October 2017 that the company had expected to incur retrenchment costs of about SG$13 million in that quarter, including restructuring the newsrooms and sales operations. The Straits Times Business and The Business Times also merged late in 2017 to form a combined business team for content. In 2018, SPH restructured its technology teams, appointing new tech and product chiefs.

Over the course of Ng's tenure at SPH, the company saw a dip in revenue for SPH's media businesses continued to experience dip in profit and it underwent a 5% reduction in staff in 2019. Ng also took a 10% pay cut in early 2020 while SPH's senior management staff had a 5% reduction in salary. Ng previously explained that the pandemic has affected several businesses and the senior management and board members have volunteered the pay cuts to better position the company to ride out this difficult time with SPH's stakeholders.

Months later in August, SPH retrenched 5% of its overall media group's headcount as part of the restructuring of its media sales and magazines operations. Cleo, Young Parent and Shape publications ceased and SPH has also exited the magazine business in Malaysia. A year later in May 2021, SPH announced that it is transferring its media business to a newly incorporated wholly-owned subsidiary, SPH Media Holdings, amidst the ongoing challenge of falling advertising revenue.

Months later in August, 97.55% of SPH's shareholders voted in favour of transferring its media business to the company limited by guarantee (CLG) for a nominal sum of SG$1. Separately, SPH Media Trust appointed veteran Teo Lay Lim as CEO of the SPH Media Group with effect from 1 March 2022.

Ng's departure and Yong's appointment come in line with SPH's delisting on 13 May, where it has since been wholly owned by Cuscaden Peak - a consortium comprising Tiga Stars, Adenium, and Mapletree Fortress. According to The Straits Times (ST), the new SPH board will be chaired by Christopher Lim, who is also chairman of Cuscaden Peak. Meanwhile, Ng will remain as senior advisor to SPH to ensure that the new board and CEO are transitioned smoothly, ST reported.

SPH shareholders approved its acquisition by Cuscaden Peak earlier this March. The voting saw 89.19% of the number of shareholders present, among which 94.25% of the votes in favour of the acquisition by Cuscaden. Keppel Corporation was also vying to acquire SPH. In February 2022, the court granted SPH leave to convene the Cuscaden Peak scheme meeting, while also granting leave to withdraw its application to convene the scheme meeting in relation to the Keppel Scheme. The court order comes after Keppel commenced arbitration proceedings against SPH over a dispute stemming from a battle for the latter.

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