SINGAPORE - Troubled beauty treatment chain PPP Laser Clinic announced on Thursday (Feb 11) that its shareholders have re-elected Mr Nelson Loh as the director of the company, and elected Mr Terence Loh as managing director.
Mr Terence Loh is a former JP Morgan banker who was involved in the opening of 20 aesthetic clinics across China in the last two years, PPP said in a press release.
Mr Nelson Loh was an investment banker at JP Morgan and has experience in managing investment funds and "deal execution".
"With him stepping forward to lead PPP with Terence, the company is well-poised to ride through the recent operational disruptions caused by the previous management," PPP said.
Founded in 2011, the homegrown company closed a string of outlets and shortened opening hours recently.
On Feb 2, founder Dr Goh Seng Heng quit as director of Aesthetic Medical Partners (AMP) and Aesthetic Medical Holdings - the two companies that operate PPP.
Dr Goh had disagreed with how some partners and investors ran the business.
This raised fears among customers, but PPP's board said it had "no plans to retrench staff and will continue to honour" pre-paid packages.
It also said it will extend hours, hire more doctors and reopen as many clinics as possible.
PPP has filed a lawsuit against Dr Goh and his daughter Michelle Goh, seeking injunctions for the preservation of its assets and interests.
PPP also announced on Thursday that it has formed a new medical advisory committee which will be chaired by Dr Kenneth Thean, one of the co-founders of PPP.
Dr Thean has also been appointed as special advisor to the clinics.
Dr Ng Hong Yi, a senior healthcare professional, remains as deputy regional chief medical officer of PPP and he will be appointed to the board from Feb 15.
"We are confident in the new management's abilities to lead PPP Laser Clinic through this hiccup and build for the future," said Dr Ng.
PPP has 10 clinics in Singapore and over 30 clinics in Asia, it said.