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Singapore Press Holdings

Singapore Press Holdings, which began a review of its media business last year, appointed Chua Hwee Song as the new chief financial officer (CFO), effective next year.

Singapore's dominant newspaper publisher on Wednesday said Chua will takeover reigns from current CFO Tony Mallek, who will retire on March 31 after serving the company for about 15 years.

Mallek, 63, joined Singapore Press as senior vice-president of finance in 2003, and excelled his way to CFO in January 2010.

Chua will be appointed as CFO-Designate with effect from March 1 and as CFO from April 1, it said in a regulatory filing.

Chua's appointment comes at a time when the company's media business faces stiff competition from online content.

Singapore Press Holdings' operating revenue shrank by 8.8 percent to S$1.03 billion in the year ended August 31 as it grapples with digital disruption that has eroded readership and advertising revenue.

The company said in October that it was focusing on the disruption to its media business and has accelerated job cuts.

Also Read: Singapore Press Holdings full-year profit rises, accelerates job cuts

Chua, 50, has over 25 years of working experience, as an executive and an entrepreneur in the public and private sectors. His most recent role was as the Group CFO and Executive Director with CWG International- an SGX-listed integrated real estate company with projects and investments in China, Australia and the U.S.

Chua has a Bachelor of Engineering from King's College, University of London as well as an MBA from the National University of Singapore.