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79 replies to this topic | 215 praises

#1

Posted 06 November 2014 - 11:16 AM

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3 gone in 3 years.............I know finance ppl have code of conduct........

 

something missing with the book???.............

 

 

SMRT CFO resigns after eight months, last day Nov 9

 

SMRT Corp's group chief financial officer, Sam Ong Eng Keang, has resigned after eight months on the job and his last day will be Nov 9.

The transport operator said in a release on Tuesday that Mr Ong, who joined SMRT on March 1, 2014, is leaving to "pursue philanthropic interests and business prospects".

Pending the appointment of a new CFO to replace Mr Ong, the responsibilities of the CFO will be covered by Cindy Lau, its vice-president of group finance & shared services.

Some analysts were surprised by Mr Ong's rather short stay. He joined SMRT from Singapore-listed waste water management firm Hyflux, where he was group senior executive vice-president and deputy CEO.

 

SMRT said its CFO provides the overall leadership to the finance function of the group. The CFO is also expected to play a key role in developing, monitoring and evaluating overall corporate strategy with the chief executive officer and leaders of business units with emphasis on bottomline performance, working capital and enhancing shareholder value.

"This position provides useful financial insights to help make better decisions about formulating and executing strategy. Major responsibilities include corporate governance, accounting, treasury, investments and financial reporting,'' SMRT said.

An analyst said while the sudden departure of the CFO would be taken as a red flag for most companies, "we believe this should be an exception due to SMRT's history of strong corporate governance and majority ownership by Temasek".

Furthermore, SMRT had just reported a stellar set of Q2 2015 results indicating a strong earnings recovery on the back of higher fares, lower costs and operating efficiencies. Net profit spiked up 75.5 per cent to S$25.3 million for the second quarter ended Sept 30 on improved performance in its train and bus operations, as well as higher profitability from its taxi, rental and advertising businesses. Revenue was 6.0 per cent higher at S$314.0 million compared to the same period a year ago.

Looking ahead, SMRT said the fare business environment will continue to be challenging owing to heightened operational demands on service and capacity.

 

http://www.businesst...-last-day-nov-9


Edited by pChou, 20 January 2015 - 06:03 PM.

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芸芸人海,罪孽深重,神佛不渡,唯我魔渡

with the spirit of the MCF tiko club..............We are................ TIKO RANGERS!!!


#2

Posted 06 November 2014 - 11:19 AM

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smrt man to get out before he gets implicated (after all, he has no invisible force field to protect him)


Edited by Wyfitms, 06 November 2014 - 11:20 AM.

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He is no fool who gives what he cannot keep to gain that which he cannot lose

 


#3

Posted 06 November 2014 - 11:28 AM

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I knew Sam Ong. Quite surprising he left Hyflux to join SMRT. He was the second in command after Olivia Lum at Hyflux then.


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#4

Posted 06 November 2014 - 11:53 AM

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Thought SMRT just reported more profits ?!

Must be the sheer pressure working in company, that want to earn every single cents available even though gonna spend a bomb maintaining the trains and tracks...

 

Wish him good luck in finding new challenges.. hopefully not that stressing


Jamesc praised this
Rich: is not about how much you have, but how much you give.

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Find that rainbow, go ride it.

#5

Posted 06 November 2014 - 11:56 AM

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Maybe his conscience got the better of him.


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#6

Posted 06 November 2014 - 12:03 PM

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Maybe he found SMRT overpaid for cable ties but nobody wants to investigate.


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#7

Posted 06 November 2014 - 12:13 PM

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Maybe he found SMRT overpaid for cable ties but nobody wants to investigate.

Wahaha..that's a good one

 

Enron also reported swashbuckling profits at one time..

 

Maybe the CEO too military like liao? Every morning 5BX? :D


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#8

Posted 06 November 2014 - 12:13 PM

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Thought SMRT just reported more profits ?!

Must be the sheer pressure working in company, that want to earn every single cents available even though gonna spend a bomb maintaining the trains and tracks...

 

Wish him good luck in finding new challenges.. hopefully not that stressing

 

the reporting of the profit mayb the reason he left hor.............and which top job not stressful ..............


芸芸人海,罪孽深重,神佛不渡,唯我魔渡

with the spirit of the MCF tiko club..............We are................ TIKO RANGERS!!!


#9

Posted 06 November 2014 - 12:15 PM

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the reporting of the profit mayb the reason he left hor.............and which top job not stressful ..............

 

 

I heard Singtel year end report can takes days to complete.

 

maybe same for SMRT?? for ppl working for commercial before and enter GLC, I think they cannot tahan the unproductiveness.

 

On another note.. see where he go next... maybe he kenna shifted out and up to take over another place. [sly]


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#10

Posted 06 November 2014 - 12:27 PM

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I heard Singtel year end report can takes days to complete.

 

maybe same for SMRT?? for ppl working for commercial before and enter GLC, I think they cannot tahan the unproductiveness.

 

On another note.. see where he go next... maybe he kenna shifted out and up to take over another place. [sly]

 

which MNC year end report does not take days to compete.........some take weeks hor.........even SMEs take days to complete year end report leh...........month end report already takes afew days liao leh.........

 

If he is shifted out...............there would be a replacement liao mah................but they looking for a replacement leh........


芸芸人海,罪孽深重,神佛不渡,唯我魔渡

with the spirit of the MCF tiko club..............We are................ TIKO RANGERS!!!


#11

Posted 06 November 2014 - 12:43 PM

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could be high $$$ to poach him from Hyflux but he did not realise how deep is the "shit" he got into ... [sly]

this sounds like kena "sacked" - "pursue philanthropic interests and business prospects"

how much is the golden handshake? if few millions ... beh pai for 8 months of job

 

I knew Sam Ong. Quite surprising he left Hyflux to join SMRT. He was the second in command after Olivia Lum at Hyflux then.

 


Edited by Wt_know, 06 November 2014 - 12:48 PM.

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#12

Posted 06 November 2014 - 12:44 PM

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which MNC year end report does not take days to compete.........some take weeks hor.........even SMEs take days to complete year end report leh...........month end report already takes afew days liao leh.........

 

If he is shifted out...............there would be a replacement liao mah................but they looking for a replacement leh........

I mean the meeting lah.


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#13

Posted 06 November 2014 - 12:51 PM

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Wahaha..that's a good one

 

Enron also reported swashbuckling profits at one time..

 

Maybe the CEO too military like liao? Every morning 5BX? :D

 

HAHAHAHA  :D  :D [laugh]  [thumbsup]



#14

Posted 06 November 2014 - 12:51 PM

Forte3737

Seems like bad decision to left the water company

I knew Sam Ong. Quite surprising he left Hyflux to join SMRT. He was the second in command after Olivia Lum at Hyflux then.

 


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#15

Posted 06 November 2014 - 01:02 PM

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Seems like bad decision to left the water company

 

we r never clear until we r actually working in the company...... that's always the case.... :D ... but at least he could have done his sum on all the calculated career risk on top of the remuneration as a package back then....just move on....



#16

Posted 06 November 2014 - 01:07 PM

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could be high $$$ to poach him from Hyflux but he did not realise how deep is the "shit" he got into ... [sly]

this sounds like kena "sacked" - "pursue philanthropic interests and business prospects"

how much is the golden handshake? if few millions ... beh pai for 8 months of job

 

 

that's what we term as career development challenge, ..... of course we move on to a perceived "greener pasture" as a new page of career journey.... once u r in the "greener pasture", the so called "greener" may not be as green as u may have thought,,, a lot of undesirable, unknown factor come into play.... until such time that u think u can't manage it or live with it,,, then it's time to go again.... :D



#17

Posted 06 November 2014 - 01:11 PM

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3 gone in 3 years.............I know finance ppl have code of conduct........

 

something missing with the book???.............

 

 

SMRT CFO resigns after eight months, last day Nov 9

 

SMRT Corp's group chief financial officer, Sam Ong Eng Keang, has resigned after eight months on the job and his last day will be Nov 9.

The transport operator said in a release on Tuesday that Mr Ong, who joined SMRT on March 1, 2014, is leaving to "pursue philanthropic interests and business prospects".

Pending the appointment of a new CFO to replace Mr Ong, the responsibilities of the CFO will be covered by Cindy Lau, its vice-president of group finance & shared services.

Some analysts were surprised by Mr Ong's rather short stay. He joined SMRT from Singapore-listed waste water management firm Hyflux, where he was group senior executive vice-president and deputy CEO.

 

SMRT said its CFO provides the overall leadership to the finance function of the group. The CFO is also expected to play a key role in developing, monitoring and evaluating overall corporate strategy with the chief executive officer and leaders of business units with emphasis on bottomline performance, working capital and enhancing shareholder value.

"This position provides useful financial insights to help make better decisions about formulating and executing strategy. Major responsibilities include corporate governance, accounting, treasury, investments and financial reporting,'' SMRT said.

An analyst said while the sudden departure of the CFO would be taken as a red flag for most companies, "we believe this should be an exception due to SMRT's history of strong corporate governance and majority ownership by Temasek".

Furthermore, SMRT had just reported a stellar set of Q2 2015 results indicating a strong earnings recovery on the back of higher fares, lower costs and operating efficiencies. Net profit spiked up 75.5 per cent to S$25.3 million for the second quarter ended Sept 30 on improved performance in its train and bus operations, as well as higher profitability from its taxi, rental and advertising businesses. Revenue was 6.0 per cent higher at S$314.0 million compared to the same period a year ago.

Looking ahead, SMRT said the fare business environment will continue to be challenging owing to heightened operational demands on service and capacity.

 

http://www.businesst...-last-day-nov-9

Normally if they are good enough to be proached by others, is means the HR sleeping with the Board of Directors. Otherwise, they were told to resign due to his incompetency/performance.



#18

Posted 06 November 2014 - 01:14 PM

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damn it... i still have some SMRT shares.... [sly]


back to the same old days ...

#19

Posted 06 November 2014 - 01:17 PM

Forte3737

to me, it looks like he was sacked



#20

Posted 06 November 2014 - 01:24 PM

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not to you only la ... it's quite obvious!

 

to me, it looks like he was sacked

 




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