SINGAPORE, Oct 1 — After 13 years at the helm of Singtel, group chief executive officer (CEO) Chua Sock Koong will retire on Jan 1 next year, the telecommunications company announced today.

Yuen Kuan Moon, 53, chief digital officer and CEO of Singtel’s Singapore consumer business, will succeed her as group CEO, the company said. 

Yuen, who joined the firm in 1993, has been named group CEO-designate and will assume the role officially upon Chua’s retirement.

Advertisement

Singtel said that his appointment comes after a global search that included candidates both inside and outside the firm. 

Chua, 62, will stay on as senior adviser to Singtel chairman Lee Theng Kiat to assist with the transition.

Chua joined Singtel in 1989 and was appointed group CEO in 2007. 

Advertisement

At a press conference this morning to announce the leadership changes, Lee said Chua had expressed her wish to retire sometime last year.

Elaborating on her decision, Chua said she does not consider it an early retirement as she has been with Singtel for more than 30 years.

 “For a business as complex as ours, there are always exciting (things) happening. There will never be a point when there is nothing else to do,” she said. 

“So I think the company is at a good juncture for me to be handing it on to (Yuen),” she added.

In a press statement, Lee described Chua as “one of Singapore’s most successful CEOs” who has played a key role in Singtel’s success.

“She leaves the group well-primed for growth in its next phase and we are fortunate she will stay on as senior adviser to ensure a smooth leadership transition,” he said. 

Lee added that Yuen’s years of experience in Singtel’s core telecommunications business and his more recent focus on transforming the company digitally make him “extremely well-placed to lead Singtel forward in an era of disruption”.

He said that the board chose Yuen as Chua’s successor because he is a “known entity” at the company.

“(Yuen) has been with the company since the very beginning of his career and has (shown) an ability to work at different segments of the entire business. 

“Having gone through many years of working with (Chua) and his colleagues, he has a good appreciation of what needs to be done,” Lee added.

Yuen said that he was honoured to be given the opportunity to lead Singtel, with fifth-generation mobile networks changing the game not only for the telecommunications sector, but enterprises across industries.

In the coming months, he said that his main priorities are to work with the board and Chua to ensure a smooth leadership transition.

He will also be meeting the company’s key stakeholders, major customers, partners and the union to formulate his strategy to move the company forward.

Pandemic hits business

At the press conference, Chua acknowledged that the Covid-19 pandemic has slowed business demand for the company in some areas. 

Yuen added that travel restrictions and the poor economic outlook in Singapore have affected the usage of telecommunication services in the country and other markets where Singtel operates.

Singtel’s share price fell to its lowest in 12 years last week and the company posted a weak set of results in the quarter that ended on June 30.

The company’s operating revenue declined by 14 per cent to S$3.54 billion, while its earnings before interest, tax, depreciation and amortisation, before associates’ contributions, tumbled by 24 per cent to S$897 million. 

Nonetheless, Yuen said that in the long run, there will still be a need for telecommunication services. 

The key question for Singtel is how to keep up with the changing behaviours of consumers and enterprises, he said. 

“We will really be looking very closely and speaking to our customers to understand what (their) current needs and… future needs are.” — TODAY