SINGAPORE, Oct. 30 -- Singapore Prime Minister Lawrence Wong has warned business founders that staying at the helm for too long can leave younger leaders underdeveloped and companies less prepared for the future, urging firms to plan leadership succession deliberately.

The Straits Times reported that Wong made the remarks at the Singapore Chinese Chamber of Commerce and Industry's (SCCCI) 120th anniversary dinner last night.

He reportedly said succession was among the hardest challenges for businesses, particularly family-owned firms, because founders often spend decades building companies around their judgment, relationships and personal identity.

"Renewal cannot be left to chance. It must be planned for, and nurtured deliberately," h...