Patrick Daniel – who came out of retirement in 2017 to oversee the restructuring of SPH Media Group – finally has a successor.
Lay Lim Teo, a former chairman of Accenture Singapore, has been named as new chief executive of the Singapore Press Holdings media unit, now a not-for-profit.
Her appointment by Khaw Boon Wan, chairman of holding company SPH Media Trust and effective March 1, ends a nine-month leadership succession process.
The 58-year-old Singaporean picks up the baton as the island state’s dominant publisher continues its digital transformation despite falling advertising revenues and changing reading patterns.
The new business model – needed to help secure public and private funds – was introduced last December. SPH Media Group publishes the Straits Times, Chinese daily Lianhe Zaobao and a raft of other titles.
Khaw Boon Wan described Teo as “the right fit for the company at this critical juncture”, praising her wealth of experience and “acute sense of creating opportunities for commercial growth”.
“Most importantly, she possesses a passion for building and transforming people and organisations for the long term,” he said.
Teo (left, with Patrick Daniel) has more than 30 years of experience with Accenture, including as chief executive of its south-east Asian subsidiary from 2011-2020, and “a familiarity with China”, having spent two years based in Shanghai.
In a press statement she looked forward to exciting times, working to keep pace with “a very dynamic media landscape”.
She is a member of Singapore’s Future Economy Council, chaired by deputy prime minister Heng Swee Keat, and newly-appointed independent director of United Overseas Bank.