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SunVic Chemical Holdings made history today appointing a 26 year old as CEO, possibly the youngest CEO of a listed company in Singapore, as reported by The Business Times.
26 year old Sun Xiao will take over from his father, Sun Liping. Sun Xiao graduated from Curtin University of Technology more than two years ago and joined the company as an intern. He became deputy CEO last May.
I think it comes as no surprise that people think Sun Xiao is somewhat young for the job. How often do we hear of an employee with only 2 years of working experience being promoted to the position of CEO?
Mr. Mak Yuen Teen of NUS Business School said that it is the job of the nominating committee to justify the decision. Why is Sun Xiao the best person for the job? How was he chosen?
See what they said:
"The nominating committee and the board have after considering the relevant industrial experience of Mr. Sun Xiao, found him suitable for the position of CEO and have approved his appointment with immediate effect." Duh...
Sun Liping has almost 62% interest in SunVic. Other shareholders can be unhappy and object until the cows come home but this is definitely one of the things which minority shareholders of family controlled companies could possibly have to live with.
Remember my recent blog post? Who you know is important, isn't it?
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2 comments:
My (dad) knew of an Indonesian Group (Chairman & owner) who did the same thing to his son. The mother told us that over the years, each school holidays are spend in the company's warehouse, front line, trucks etc etc. All the operations, including being the guards at the gates. The kid did complain out loud that while his school mates are having 1st class holidays in Europe or America, he is slogging away.
It wasn't until the dad passed away, that this son knew the value of those "wasted school holidays". He took over the running of the company, and we have lost touch with them since.
Perhaps this young CEO was put thru the paces which was not reported. OR that he is just another Pu-Yi, with some strings attached from behind.....
Only time and performance can tell.
Hi SnOOpy168,
Oh, of course, only time will tell. :)
I was just wondering at the selection process, if indeed there was one, and the degree of rigour.
I also want to highlight that this is an idiosyncracy of family controlled businesses but I am not saying anything with regards to the merits of such a characteristic ;)
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