Top management of GLCs are all PAP-approved scholar types. Without prior relevant experience and no accountability, companies helmed by these jokers are destined to fail. Many have and more will follow. 😦
SIA recently surprised the market with Q4 losses which sent its shares free falling. Its net profit last year wasalmost 1/2 billion lower than the previous year.
A picture speaks a thousand words and SIA’s long-term chart confirms incompetence at the highest level.
Times have changed but SIA has continued to bask in past glory while being overtaken by Emirates and Qatar Airways.
SIA scholar-CEO Goh Choon Phong has been a disappointment as he is obviously clueless. To some netizens, Goh is “the man who is destroying SIA” while others insist he inherited the shitty job from former scholar-CEO Chew Choon Seng.
Perhaps it’s about time SIA hires a new CEO, not scholar types like Goh. Don’t wait too long or SIA may take up foreign citizenship, like NOL.
Although SPH does not face intense international competition like SIA, it has been busy digging its own grave. Despite its monopoly status and an increasing population, readership has declined. The reason for this is obvious: it has remained a government mouthpiece churning out propaganda as news.
The writing was on SPH’s wall years ago and it appears to have made some preparations by investing “in everything except journalism“, eg property investment, online trading portal, $164 million Orange Valley Healthcare, a nursing home operator, etc.
Orange Valley was only recently sold to PE firm, KV Asia Capital in April 2014. It appears SPH must have made a compelling offer for the PE firm to part with its investment after only 3 years, ie SPH likely to have overpaid.
Does scholar-CEO Alan Chan, former civil servant, President’s Scholar and PPS to LKY, have any idea how to turn SPH around besides blaming “an increasingly tough economic and media environment”?
Coincidentally or not, Keppel’s CEO Loh Chin Hua is also a scholar.
In 2014, Keppel became the world’s largest rig manufacturer. Although oil inventory had been steadily building up, Keppel continued to accept rig orders as if oil prices would stay elevated forever. There was no plan B.
These are just a few examples. If not for the preferential treatment dished out by the government, many more GLCs would have folded.
The PAP government should not anyhow assume book smarties make good leaders in the corporate world. In fact, these jokers have already cost taxpayers billions.
Less than 1 year after quitting, ie selling our national asset to CMA CGM, NOL turned in the first quarterly net profit since 2011.
Singaporeans should not overestimate our jiak liow bee scholars who have consistently underperformed. They have managed to get away with incompetence because PAP has covered up for them.
Many GLCs helmed by PAP-appointed CEOs will eventually go belly up. It has never been a question of if, but when.