Singapore’s largest company by market value, Singapore Telecommunications (SingTel) CEO Lee Hsien Yang announced his resignation. No successor was named and he will remain in the position until one is found.
Given that my commitment to the board is to see through the transition to an end-point which we are not entirely clear about right now, I have not thought about what I might undertake. I suppose I would think about it carefully. To some extent, I suppose people have assumed that I would stay in SingTel almost forever and it’s not as if I think about it everyday.
However, one thing’s for sure, he will not follow the footsteps of his father and elder brother into politics.
Under the helm of Lee, from a telco with nearly all of its earnings in Singapore back in 1994, the former local monopoly has spent about S$20 billion (US$12.6 billion) building a presence in regional mobile-phone markets, and now boasts assets in Australia, India, Thailand, Indonesia, the Philippines and Bangladesh.
SingTel will start a "formal and rigorous internal and external global search process to identify the best possible candidate for the position"’ of CEO, it said in a statement.
On Friday, SingTel’s shares closed the session at $2.47, down 0.4 percent.
Related posts:
Recent Comments