Khaw Boon Wan to step down as SPH Media Trust chairman

Chan Yeng Kit will take over as chairman and continue as CEO.

Former coordinating minister Khaw Boon Wan will step down as chairman of Singapore Press Holdings (SPH) Media Trust (SMT).

Chan Yeng Kit, chief executive officer (CEO) of SPH Media, will take over the role, The Straits Times reported.

The changes are expected to take effect from Oct. 1, 2026.

They were agreed upon after consultation with SMT’s institutional members and board directors and are subject to regulatory approval.

Chan will continue as CEO while taking on additional responsibilities as chairman of SMT.

“As the SPH operations have stabilised, I think it is a good time for me, a retiree, to wind down my involvement in this project,” Khaw said.

In 2021, Khaw was appointed SMT chairman after SPH restructured and hived off media operations into a not-for-profit company limited by guarantee (CLG).

Khaw had just retired from politics in 2020, after serving as the coordinating minister for infrastructure and minister for transport.

SPH’s traditional advertising-funded business model was apparently under strain from digital disruption.

According to Khaw, the business model shift moved the CLG’s accountability to SMT’s institutional members.

When it carved out its media business, 16 institutional members, including key local institutions, such as banks and universities, reportedly replaced commercial shareholders as custodians.

This purportedly relieved the short-term profit and dividend pressures the company previously faced when it was listed.

Khaw reportedly said it would not be wise for him to remain at the helm of an important institution, noting he would be over 78 at the next general election.

“With Mr Chan Yeng Kit and his team firmly established, this is the right time to move aside,” Khaw said.

“They will then have enough time to further consolidate the trust and credibility with the audience, the newsrooms and our stakeholders. Then we can be confident of a strong team to take SPH through the next GE cycle and other national events.”

Some board directors also reportedly asked to step aside so that fresh expertise and experience could be tapped.

Chan will be the first chairman of SPH Media in 20 years who was not a prior Cabinet minister.

Before joining SPH Media, Chan served as permanent secretary of the former Ministry of Information, Communications and the Arts and as founding chairman of the Infocomm Media Development Authority.

“His background in new media and technology, in fact, puts him ahead of me. He has an edge over me. I am confident he and his team will do well,” Khaw said.

Chan has held the role of permanent secretary in other portfolios, including health, defence, and defence development.

He was permanent secretary at the Ministry of Health during the Covid-19 pandemic years from 2019 to 2024.

Former president S. R. Nathan, served as SPH's executive chairman from 1982 to 1988 and former minister Lim Kim San, served from 1988 to 2002.

Lim Chin Beng served from 2002 to 2005 as non-executive chairman.

Former president and deputy prime minister Tony Tan served as chairman from 2005 to 2011, and former minister Lee Boon Yang served as chairman from 2011 to 2021.