J. Y. Pillay, Chairman of the Singapore Airlines, Asia's second-largest listed bourse operator is due to retire on Dec. 31 and the Chew Choon Seng, 63, the Chief Executive of the airline will be taking his place. Since the Company was first incorporated on Nov. 18, 1999, Mr. Pillay is said to have served it.

Mr. Chew on the other hand joined on Dec. 1, 2004 as an independent Director. He also is the member of the nominating committee and remuneration committee of the exchange.

Having done his masters from Imperial College London, Mr. Chew currently is also serving the city-state's giant sovereign wealth fund, Government of Singapore Investment Corp as a Director.

This news of succession was followed by the announcement made by Mr. Chew that Goh Choon Phong will be succeeding him at the end of the year.

Aiming to stimulate profits from a two-decade low, the upcoming Chief Executive Officer of Singapore Airlines Ltd., world’s second-largest airline by market value, Goh Choon Phong will reportedly face some very strong competition for both premium and economy-class passengers in Asia.

K. Ajith, an analyst at UOB-Kay Hian Research Pte in Singapore said, “Competitors are getting new aircraft and the service quality at Middle Eastern carriers is also improving. The low-cost carriers are also expanding very quickly”.