An engineer by training, Mr Chew, 56, has been with SIA since July 1972 and is currently senior executive vice-president (administration) - a position he assumed in 2001.
Although currently responsible for corporate affairs and finance, he has extensive experience in SIA's various operational areas. His overseas experience includes country management assignments in Japan and Italy, and regional appointments as senior vice-president in charge of the Americas, Europe and the South-West Pacific.
Mr Chew is also chairman of Singapore Aircraft Leasing Enterprise, a 35.5 per cent-owned associate of SIA, and government-linked SMRT Corp.
Dr Cheong, who will retire after 29 years with the company, was full of praise for his successor. "Choon Seng brings to the CEO position a wealth of experience, particularly in the all-important areas of marketing, finance and planning," he said. "He has a good understanding of the complexities and peculiarities of the airline business and is steeped in the SIA culture of service excellence and people orientation."
Industry insiders believe that while Mr Chew had been the front-runner for the job since early last year, the company had also cast its net worldwide.
The market cheered Mr Chew's appointment, with many describing him as a highly regarded and widely respected industry figure.
Nicholas Ionides, Asia editor of Flight International, who interviewed Mr Chew several years ago for a feature article, said he came away extremely impressed. "After spending an hour speaking to him, I walked away hoping that he would one day become the chief executive of SIA," Mr Ionides said.
"He is a truly impressive man who puts across his ideas quietly and confidently. Mr Chew understands the industry very well and sees the big picture better than most. He also has a very clear understanding of the challenges facing SIA."
Indeed, Mr Chew faces some big challenges, not least maintaining SIA's track record as the world's most successful airline. SIA is the only airline to have been consistently profitable since its inception 30 years ago. It has also repeatedly won many of the industry's most prestigious awards.
John Casey of DBS-Vickers sees two specific challenges for Mr Chew and his team this year: "First, is how to maintain an adequate and profitable presence in the Australasian market, given the recent developments there. The second is to continue to manage costs amid the increasing uncertainties in the Middle East."
The "recent developments" refer to Qantas' purchase of a key stake in Air New Zealand - a move widely seen as an attempt to shut out SIA and other carriers in the lucrative domestic and trans-Tasman markets.
Meanwhile, with fuel price accounting for almost a fifth of operating costs, SIA will also have to deal with the potential impact of a spike in oil prices should the US lead a military offensive against Iraq. Global air travel could also slump in the aftermath of military action in Iraq.
Some also see the proliferation of budget carriers as a third big challenge facing SIA. The issue was highlighted by SIA chairman Koh Boon Hwee late last year.
But some market watchers believe the succession comes at a good time for SIA, which is expected to post a doubling of earnings this year. "If the airline proceeds on its conservative growth strategy, this should be a honeymoon year for Mr Chew," Mr Casey said.
Mr Chew, an avid watch collector who drives a Porsche, holds a first-class honours degree in mechanical engineering from the University of Singapore and a masters of science degree in Operations Research and Management Studies from Imperial College, University of London.
Meanwhile, SIA said yesterday that its overall load factor - a measure of how much of the airline's revenue generating capacity was sold - rose to 70.4 in December 2002. This marked a 0.8 point rise from a year ago.
Last December, the number of passengers carried by SIA rose 10.1 per cent to 1.39 million, up from 1.26 million in December 2001. On the cargo front, SIA said its cargo load factor declined 1.9 points to 66.1.
By VEN SREENIVASAN