Teo Siong Seng: Difference between revisions

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Teo Siong Seng is the Executive Chairman and Managing Director of Pacific International Lines (PIL), a Singapore-based shipping company. He is also the Chairman of the Singapore Business Federation (SBF). A prior Nominated Member of Parliament (NMP), Teo Siong Seng was the Chairman of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) from 2009 to 2013.
Teo Siong Seng is the Executive Chairman and Managing Director of Pacific International Lines (PIL), a Singapore-based shipping company founded by [[Chang Yun Chung]]. Teo Siong Seng is also the Chairman of the Singapore Business Federation (SBF). A prior Nominated Member of Parliament (NMP), Teo Siong Seng was the Chairman of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) from 2009 to 2013.


==Background==
==Background==
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===Early life===
===Early life===
The son of shipping tycoon Chang Yun Chung, Siong Seng is the fifth son in a family of eight boys and six girls. He has always had a strong fascination with ships, despite not knowing how to swim.<ref>Leong, Weng Kam and Chua Lee Hoong. “Sailing to China, in father's footsteps.” ''The Straits Times.'' December 29, 2000. Accessed November 14, 2019. Retrieved from NewspaperSG. </ref> Siong Seng was already out at sea at six years old, sailing onboard a passenger-cargo ship named ''Dong Hao'' to Huangpu in South China.<ref>Leong, Weng Kam and Chua Lee Hoong. “Sailing to China, in father's footsteps.” ''The Straits Times.'' December 29, 2000. Accessed November 14, 2019. Retrieved from NewspaperSG. </ref>
The son of shipping tycoon Chang Yun Chung, Siong Seng is the fifth son in a family of 8 boys and 6 girls. He has always had a strong fascination with ships, despite not knowing how to swim.<ref>Leong, Weng Kam and Chua Lee Hoong. “Sailing to China, in father's footsteps.” ''The Straits Times.'' December 29, 2000. Accessed November 14, 2019. Retrieved from NewspaperSG. </ref> Siong Seng was already out at sea at six years old, sailing onboard a passenger-cargo ship named ''Dong Hao'' to Huangpu in South China.<ref>Leong, Weng Kam and Chua Lee Hoong. “Sailing to China, in father's footsteps.” ''The Straits Times.'' December 29, 2000. Accessed November 14, 2019. Retrieved from NewspaperSG. </ref>





Latest revision as of 17:56, 13 February 2020

Teo Siong Seng
Teo Siong Seng profile.jpg
Born1955
EducationDegree in Naval Architecture and Ocean Engineering
Alma materRaffles Institution, University of Glasgow
OrganisationChairman of the Singapore Business Federation (SBF), Chairman of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) (2009 - 2013)
Known forExecutive Chairman of Pacific International Lines (PIL), CEO of Singamas Container Holdings
Parent(s)
  • Chang Yun Chung (father)

Teo Siong Seng is the Executive Chairman and Managing Director of Pacific International Lines (PIL), a Singapore-based shipping company founded by Chang Yun Chung. Teo Siong Seng is also the Chairman of the Singapore Business Federation (SBF). A prior Nominated Member of Parliament (NMP), Teo Siong Seng was the Chairman of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) from 2009 to 2013.

Background

Teo Siong Seng (right) pictured with 2 of his 13 siblings and father (seated). Photo from Forbes.

Early life

The son of shipping tycoon Chang Yun Chung, Siong Seng is the fifth son in a family of 8 boys and 6 girls. He has always had a strong fascination with ships, despite not knowing how to swim.[1] Siong Seng was already out at sea at six years old, sailing onboard a passenger-cargo ship named Dong Hao to Huangpu in South China.[2]


When Siong Seng was thirteen years old, his father incorporated Pacific International Lines (PIL).[3] Siong Seng shared that while he was happy that his father was his own boss, it also meant that he would be spending less time with his family.[4] He remarked that for his family, family time is intermixed with business time.[5]


In an interview conducted by SMU’s International Training Institute, Siong Seng shared that he often accompanied his father to the PIL office and onboard ships.[6] He also spent his school holidays working as a deckhand and cargo tally clerk at PIL.[7]

Cadet for Kota Panjang (1971)

At 16 years old, Siong Seng joined the crew of Kota Panjang, a passenger-cargo ship, as a cadet and sailed with them for some time. He went to ports of Penang, Hong Kong and Huang Pu. During his time as a cadet, he assisted the duty officers of various vessels on their watches.[8]


Siong Seng was motivated to start sailing after his father asked him if he wanted to experience life onboard a cargo ship.[9] At the time, Siong Seng had just finished his O levels and wanted to see China.[10] His experience onboard Kota Panjang made him more keen to pursue a career in the shipping industry.[11]

Education

Siong Seng studied at Raffles Institution and had originally wanted to further his studies in Marine Engineering at a polytechnic. However, his mother persuaded him to stay on at Raffles Institution.[12] Siong Seng graduated from the University of Glasgow with a First Class Honours degree in Naval Architecture and Ocean Engineering.[13]

Pacific International Lines (PIL)

Kota Singa (pictured) is one of the two first vessels acquired. Photo from PIL.

Having a reputation as a tough businessman, Siong Seng started his career with Pacific International Lines (PIL) in 1979.[14][15] Siong Seng was Assistant Managing Director in 1982 and Deputy Managing Director by 1986.[16] In April 2018, Siong Seng was appointed the Executive Chairman of PIL.[17]

Managing Director (1992 - 2017) & Executive Chairman (2018 - present)

A younger Teo Siong Seng and Chang Yun Chung. Photo from CNBC.

In October 1992, Siong Seng was promoted to Managing Director.[18] Under his leadership, Siong Seng envisioned a “more corporatised” PIL[19] despite it being a “family-owned business”.[20] He foresaw the company “moving in the direction of meritocracy and more professional management".[21] That included financial management, such as having a budget and cash flow forecast which Siong Seng implemented when he took over.[22]


Siong Seng also led the charge in doing business on a larger scale.[23] Under his watch, PIL expanded its container shipping business beyond intra-Asia to China, the Middle East and East Africa which allowed them to gain substantial market share in emerging-market trades.[24] The company also started providing East-West services from China to Europe and North America from 2004.


Siong Seng oversaw PIL’s investment in setting up four distriparks in China[25] and the company’s diversification into the fabrication businesses.[26] He also oversaw the formation of Advanced Container Lines (ACL), a feeder arm, to expand PIL’s coverage of the Indian market[27] and the acquisition of Trade Expansion, a feeder ship from Hong Kong in 1995.[28] By 2000, PIL had a turnover of S$1.3 billion and was Singapore’s second-biggest shipping conglomerate only losing out to Neptune Orient Lines.[29]

Pacific Shipping Trust (2006 - present)

In 2006, PIL launched the first of Singapore’s three shipping trusts - Pacific Shipping Trust.[30] The trust allowed shipping companies to offload vessels with long-term charter contracts into the trust to free up capital.[31] By doing so, Siong Seng acquired a sizeable fleet of smaller vessels ready for deployment in emerging market routes. He also amassed a fleet of container vessels and multi-purpose vessels by picking up second-hand vessels from the market or chartering them from other shipowners.[32]

Singamas Container Holdings

Singamas Container Holdings was founded as a subsidiary of Pacific International Lines.[33] Siong Seng shared that Singamas allowed PIL to be a totally integrated transport hub by its coverage of land-based services.[34] Siong Seng was named the Chief Executive Officer of Singamas Container Holdings on 21 January 1997.[35]

CEO (1997 - present)

Under Siong Seng’s leadership, Singamas has created innovative products, including specialised containers like the bitutainer to transport asphalt bitumen needed for building roads. The containers can heat the bitumen when it reaches its destination, thus preparing the bitumen for immediate use.[36] Other products include a container with a built-in chassis[37] and specialised 45-foot containers in Qingdao designated for US trucking meat.[38] Singamas was also the first marine container manufacturer in Shanghai.[39]

Singapore Chinese Chamber of Commerce and Industry (1993 - 2017)

Teo Siong Seng (right) pictured during the 57th SCCCI council installation in 2013. Photo credit to Kenji Soon (MCI).

Siong Seng joined the Singapore Chinese Chamber of Commerce and Industry in 1993 as a new member after his father gave up his seat for him.[40] At 38 years old, he was the youngest member to join the Chamber.[41] He first served as Deputy to Mr Chia Beng Seng of Indocement, as part of the economic committee. Siong Seng served as Chairman of the SCCCI for four years from 2009 to 2013.[42] Under his chairmanship, the SCCCI endorsed Dr Tony Tan’s presidency in 2011.[43] He stepped down as a board member of the SCCCI in 2017.[44]

Chairman (2009 - 2013)

During his time as Chairman of the SCCCI, Siong Seng removed the clan-based voting system, leaving no reserved seats for specific dialect groups. This decision was to facilitate membership  based on merit and to protect the SCCCI’s reputation as a fair and legitimate commerce chamber.[45] The new membership system aimed at “attracting people who are outstanding professionals [and] leaders in their field of business”.[46] Siong Seng also set an age limit of 70 years old on members running for election and reduced the number of council members from 66 to 56.[47]


The SCCCI’s new system attracted new members like Sheng Siong's Managing Director Lim Hock Chee (50), Jumbo's Ang Kiam Meng (48), who is also the President of the Restaurant Association of Singapore, Sembcorp's Tang Kin Fei (59) and ARA's CEO John Lim (54) into the chamber.[48]

Nominated Member of Parliament (2009 - 2014)

Siong Seng served for two terms as an NMP, representing the commerce sector in Singapore.[49] He desired to “voice the concerns of SMEs and reflect reactions from the ground as to whether the Government's Resilience Package is working, and whether there can be further improvement in policies”.[50] He had also hoped to handle some parliamentary debates in Chinese.[51]

Commerce sector representative

Siong Seng has spoken on issues about hiring foreign manpower[52] and the recycling industry.[53] He advocated for learning Chinese as a second language and pushed for local companies venturing overseas and trade associations to receive greater support.[54] Siong Seng also vocalised the need to help SMEs increase productivity and combat rising costs such as rental.[55] He has also talked about cutting the red tape and compliance costs that restrict firms from accessing productivity incentives offered by the government.[56]

Civic duties

Siong Seng held several prolific roles in the shipping industry. During his time as President of the SSA (2003 - 2011), Siong Seng oversaw the Singapore Maritime Week Regatta in 2009. The regatta raised S$33,000 for Sailability Singapore — a programme by the Singapore Disability Sports Council that aimed to introduce sailing to those with disabilities.[57]

Year Organisation Position Refs.
2019 - present National University of Singapore Pro-Chancellor [58]
2019 - present Keppel Corporation Board member [59]
2018 - present Enterprise Singapore Board member [60][61]
2016 - present Joint Implementation Council for the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Consultant [62]
2015 - present Committee on the Future Economy Co-chair (Subcommittee on future corporate capabilities and innovation) [63][64]
2014 - present SkillsFuture Council Committee member [65]
2014 - present Singapore Business Federation Chairman [66]
2010 - 2014 Singapore Business Federation Board member [67]
2009 - 2013 Singapore Chinese Chamber of Commerce and Industry Chairman [68]
2003 - 2011 Singapore Shipping Association President [69]
2003 - 2009 Maritime Port Authority Board member [70]
2003 - 2009 Singapore Maritime Foundation Chairman [71][72]
2000 - 2016 The Standard Club Asia Ltd Chairman [73]
1995 - 1996 Trade Development Board Board member [74]
1993 - 2009 & 2013 - 2017 Singapore Chinese Chamber of Commerce and Industry Board member [75][76]
1991 Advisory Committee on Maritime Services Regional shipping committee member [77]

Awards & accolades

Year Award Event Refs.
2019 Public Service Star National Day Awards [78]
2017 NTUC’s Medal of Commendation May Day Awards [79]
2008 NTUC’s Plaque of Commendation May Day Awards [80]
2000 Best Singapore-China Business Entrepreneur Award Golden Eagle Awards [81]

Personal life

Family

Siong Seng is married to a 64-year-old homemaker and has two sons aged 28 and 25 (as of 2019).[82] Siong Seng once shared that his father taught him to treat his colleagues, customers and business partners with sincerity and to keep one’s word in a business agreement.[83] He cites his mother as the person who taught him humility, reminding him to be “modest and fair” to everyone despite coming from a rich family.[84] He recalled feeling out of step with his university mates in Glasgow, as he could return to Singapore while his classmates stayed back to work at summer camps.[85]

Character

Siong Seng is effectively bilingual, switching effortlessly between English and Chinese. He also speaks Hokkien and Cantonese.[86] Siong Seng was said to be hardworking, having a “punishing” work schedule.[87] Siong Seng shared that he was neither adventurous nor “fit” when he was younger but changed when he was serving his National Service with the army.[88]

References / Citations

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