By studying 577 listed companies in Singapore, an NUS study found that firms with many leaders over 60 tend to under-perform. These companies tend to have a lower returns on assets.
Our Prime Minister is 70-years-old
He doesn’t have plans to step down just yet. Is this why Singapore has been under-performing under his leadership? He became PM at 52-years-old in 2004, and he is still the PM at 70-years-old. Compare this with his predecessors.
- His father, Lee Kuan Yew, became PM at 36 and stepped down at 67.
- Goh Chok Tong, was a PM when he was 49 to 63 years old.
Why is it that he still has no succession plans?
Our cabinet ministers are not very young either.
42% of them are above 60-years-old. 26% are approaching 60 (57-59). Only one person is below 50, our Minister for National Development Desmond Lee who is 46.
This means that there is a high chance those taking over PM Lee when he finally steps down will be close to or even at 60-years-old.
There is no clear succession plan for our leaders
If we continue on this trajectory, our leaders will just get older and older. PM Lee, your succession plan is way overdue.