Monday, July 24, 2006
Mixed Thoughts
This morning, late as usual, but got to sit beside a PSB Academy tertiary student who was reading his lecture notes on MIS and IT. Wow, come to think about it, I am actually Living the MIS and IT life at work! And I should embrace them wholeheartedly...
And on 19 July 2006 (Wed), a colleague of ours passed away and her obituary appeared on Saturday's papers, with Lim Kim San's photos (dop 20 July 2006) on the next. The email from Deputy CEO did not elaborate any further only that the family requested for privacy and quiet time during this trying period. She was in her mid 30s and a high flyer, worked at MFA and was posted to Berlin, Germany for 7 Years. Although I do not know her well, how I wished she resigned from college or posted to another country, but not to die! It was sad, and especially so for pp who had seen her the day before! And increasingly we'll be hearing and reading more of the younger folks dying younger.. You've probably heard in the news that people in the army dying from runs.. And should our hearts stop this very moment – that's it! Human, thy name is fragile!
LHY: News-Worthy..
Lee Hsien Yang quits SingTel in shock move 22 July 2006 (Sat)
- TIME TO MOVE ON
SINGTEL chief executive Lee Hsien Yang stunned corporate Singapore - and his colleagues - yesterday by announcing that he is quitting after 12 years at the helm of the country's biggest telco. Senior managers were said to have greeted the dramatic news with 'stunned silence' when Mr Lee, 48, told them of his decision late in the afternoon.
He did not give any reasons for his move, except to say at a hastily-called press conference that this was 'as good a time as any to leave'.
'Twelve years is a long time to stay on in any single role and considerably longer than most CEOs... It is an appropriate time to move on.'
Mr Lee, who will stay on board until a new chief is found, said he did not have any immediate plans once he does step down, but firmly ruled out going into politics.
'I don't think politics is something I am suited for... I have no great interest to pursue politics,' said Mr Lee, whose older brother, Hsien Loong, is the Prime Minister.
He also made it clear he had 'neither solicited nor received any other job offers' in the government.
Mr Lee also laughed off questions on whether he would leave Singapore, possibly for a job overseas.
The announcement yesterday was a bolt from the blue, even to SingTel senior executives. Company insiders said Mr Lee abruptly convened a conference call with senior managers here and from across the region at about 5pm to break the news.
'We were absolutely shocked. In his characteristic straightforward, no-nonsense way, he told us that he was leaving, but did not offer any answers about his future plans,' said one executive.
Mr Lee later sent an e-mail to SingTel staff in which he emphasised that 'no-one is indispensable', and said he was leaving the company in good hands.
SingTel staff paid tribute to their boss, an unassuming financial whiz who 'was always very focused on the fundamentals'.
'He had no airs. While one would accord respect obviously to Hsien Yang, it wasn't like you had to reserve the lift for him; he would take it with the other employees,' said Mr Ivan Tan, former corporate communications head.
Mr Lim Chuan Poh, 50, executive vice-president of strategic investments, added: 'We are sad to see him leave. He has built SingTel up to where it is today and his name has become almost synonymous with SingTel.'
SingTel chairman Chumpol NaLamlieng praised Mr Lee as an 'outstanding CEO', saying, 'his track record speaks for itself'.
Mr Lee regards his time at SingTel as a 'very exciting period', in which he oversaw the company's growth into Singapore's largest corporation, with more than $40 billion in market capitalisation and $4 billion in annual profit.
He also commandeered SingTel's aggressive overseas campaign to diversify its earnings away from Singapore's tiny market.
Over the past decade or so, SingTel has spent over $17 billion to expand its empire, which stretches from Australia to India and other regional markets. It will launch an internal and global hunt for a new boss.
Mr Hugh Young, managing director at Aberdeen Asset Management in Singapore, told Reuters he expected the 'surprising news' to trigger 'an emotional, knee-jerk reaction downward' in SingTel's share price.
SingTel shares closed at $2.47 Friday.
Challenging and fun, but time to move on: Hsien Yang
- SingTel chief executive Lee Hsien Yang yesterday said he will step down after 12 'wonderful' years with the telco. Here are excerpts from his press conference:
FUTURE UNDECIDED
Mr Lee says he has not decided what he will do next, but maintains that a career in politics is not something that he is keen on or suited for.
• Why are you stepping down?
I think it's really hard to find a reason. I think at some point in time you decide that you've been in a role for some time and I suppose we all want to have a change and I thoroughly enjoyed my role.
I must say it has been both challenging and great fun, but I think that it's appropriate a time to move on to something else.
• What are your options? Would you consider joining a government agency?
Given that my commitment to the board is to see through a 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 will think about it carefully. To some extent, I suppose people have always assumed that I will stay with SingTel.
At this point in time I have neither solicited nor received any offers. I don't know what I might do.
Never say 'never' because you might regret saying 'never', but I'll think very hard about what it is I'll find interesting and fun to do.
• There has been some talk that you might move away from Singapore. Are you planning to leave the country?
That I'm going to emigrate? Oh dear. No, I don't think I'm thinking of emigrating. If that's the rumour going around, no.
• Would politics be something that you would consider?
I think I've said many times before that I don't think politics is something I'm suited for, and I have no great interest to pursue a career in politics.
• Do you think that this will create a leadership vacuum?
I think we have a strong management team in SingTel, we've been organised into three business units with a CEO responsible for each of them.
There will always be senior-level executive movements in any company but we've consciously succession-planned for all appointments and perhaps the CEO's appointment is no different.
I suppose I've always indicated, both to my colleagues in the management team and to the board, that I would not be here forever.
It's really very hard to pinpoint when you think it is time to move on, but 12 years is a long time in the tenure of any CEO.I think, given the strength of the company today, we have both the option of credible internal candidates as well as serious external candidates who may be interested and would want to be considered.
• What's the reaction of your father?
I don't know. Is it relevant?
• What targets did you set yourself initially and what do you think you have achieved? Do you have any regrets?
The goals that we set ourselves as a company were to go out and expand beyond the confines of Singapore. If you look at where we were in 1993 and 1994, we were essentially a Singapore operator with about $3 billion in revenues and about $1 billion in profit.
If you look at us last year, we have probably about $13 billion in revenues and $3-plus billion in profit, excluding some exceptional items.
We are a much more diverse company and one which is far more resilient today because we have three major business areas, each of them credible and seen as high-quality operations in their own right in Singapore and in Australia.
Asked at the start whether we thought we could get to that end-point, we might not have thought so. But every year we revise our goals and objectives.
You don't go over it like a game of chess, looking backwards, because what's happened in the past is almost irrelevant. You need to go forward.
What's the commotion these days on ba chor mee, mr brown, the govt, and police? >> no idea yet, but will find out! Actually I have, and thanks to (8) for the info and wabbit for sieving thru the ST web for the above text 8)
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