SINGAPORE, Oct 31 — Singapore Prime Minister Lawrence Wong has warned business founders that staying at the helm for too long can leave younger leaders underdeveloped and companies less prepared for the future, urging firms to plan leadership succession deliberately.
The Straits Times reported that Wong made the remarks at the Singapore Chinese Chamber of Commerce and Industry’s (SCCCI) 120th anniversary dinner last night.
He reportedly said succession was among the hardest challenges for businesses, particularly family-owned firms, because founders often spend decades building companies around their judgment, relationships and personal identity.
“Renewal cannot be left to chance. It must be planned for, and nurtured deliberately,” he was quoted as saying.
Wong said senior leaders should mentor successors, share their experience and networks, and gradually give younger leaders more responsibility, including room to make their own decisions and mistakes.
Younger leaders, meanwhile, should earn that trust by bringing fresh ideas and capabilities while remaining willing to learn from those who built the business, he said.
Wong said the same principle applied to institutions such as SCCCI, which could connect generations of business leaders, facilitate mentorship and create opportunities for younger members to step forward.
Beyond succession, he urged companies to transform before circumstances forced them to, noting that artificial intelligence was already changing how firms operate and compete.
He cautioned that simply adopting AI tools would not amount to meaningful transformation, saying companies would gain more by rethinking processes, redesigning jobs and, where necessary, changing business models.
