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SINGAPORE: Singtel Group Designated Chief Executive Officer (CEO) Yuen Kuan Moon has said that he will meet with key stakeholders in the coming months while formulating a strategy to take the telecom company to the next stage of development.
During a virtual press conference on Thursday (October 1) announcing his appointment, Yuen said his first order of business would be to work closely with the board, current group CEO Chua Sock Koong, and other colleagues to ensure a smooth transition.
“In the coming months, I look forward to meeting with our main stakeholders: our main customers, the business and partner community, and the union. Definitely a key priority is to meet with all the heads of our business units in all the business groups, ”said Mr. Yuen.
“This will help formulate my strategy for taking Singtel into the next phase of development, which I will share with you as soon as possible.”
When asked about the direction he will take at the helm, Mr. Yuen described Singtel’s business as one that was “constantly changing and constantly evolving.”
“Technology will relentlessly propel us forward. So there will always be things that we need to change, but there will also be good things that we must retain. So I wouldn’t change just by changing, ”he said.
The current CEO of the group, Ms Chua, pointed to the rapid digitization caused by the COVID-19 crisis, as well as the deployment of 5G networks in different parts of the world as areas that could present Singtel with new business opportunities.
“The current situation with the pandemic has actually hampered all industries, not just the telecommunications industry. The only positive is the adoption of digitization, ”said Mr. Yuen.
The digitization of the business and consumer sectors is now growing rapidly, he added.
“Consumer behaviors are changing, business practices are changing, the pace of digitization will present an opportunity for all.”
READ: Singtel Group CEO Chua Sock Koong to Retire, Yuen Kuan Moon Succeed
Singtel Chairman Lee Theng Kiat said the board had begun the search for the group’s new CEO about a year ago, hiring a “major company” to assist him.
“The search took us to many parts of the world,” he said.
“We were agnostic about who that person might be, (their) qualifications (and) schedule. We just wanted to find someone who had the finesse and the posture to take over and continue the good efforts and … the excellent work of Sock. Koong in his last 13 years as CEO of the group, “he said.
Nine internal and external candidates were shortlisted, Mr. Lee said, adding that this ultimately came down to two names, who underwent a series of presentations and interviews with the board.
“I will say that our final decision is based on the fact that Moon (Mr. Yuen) is a known entity, Moon has been with the company since the beginning of his career. And he has demonstrated his ability to work in different segments of the entire Singtel group business throughout his career, ”he said.
Ms. Chua will continue as Lee’s senior advisor, playing a “tremendous role” in building a bridge between Singtel’s past and his business in the future, the president added.
When asked why she would be leaving the position now, Ms Chua noted that she had been with Singtel for 30 years, 13 of which were spent as CEO of the group.
“I don’t think he considers it an early retirement,” he said.
“For a business as complex as ours, exciting things always happen, there will never be a point where there is nothing else to do. So I think the company is in a good position for me to hand over Moon (Mr. Yuen). So I think the time is right, “he said.
He added that there is an ongoing search for Yuen’s successor in his current role as CEO and chief digital officer of Singapore consumer companies, and both internal and external candidates are being considered.
“We hope to make an announcement on that shortly,” he said.
