Cordlife director Zhai Lingyun takes over as chairman after Teo Tong Kooi resigns

SINGAPORE - Embattled cord blood bank Cordlife Group announced on Jan 8 that Mr Zhai Lingyun, the company’s non-independent non-executive director, has been appointed its new chairman. 

This follows the resignation of Mr Teo Tong Kooi, who stepped down from the position of chairman with immediate effect on Jan 7 to “focus on other commitments”, the group said in a bourse filing. 

Mr Teo, who became chairman on May 23, 2024, will remain on the board as an independent director.

He will also retain his roles as chairman of the nominating committee and the remuneration committee, as well as a member of the audit and risk committee. 

Mr Zhai will also continue to hold his post as the group’s non-independent non-executive director, in addition to his new role.

Mr Zhai was arrested on July 25, 2024, in connection with investigations into

Cordlife’s alleged breach of disclosure obligations,

before being released on bail. He has not been charged or convicted of any offence.

The company said the decision to appoint Mr Zhai as chairman was made after its board of directors took into consideration the nominating committee’s recommendation and reviewed his qualifications and work experience.

Mr Zhai was appointed non-independent non-executive director in December 2019 and was re-elected in April 2023.

Prior to joining Cordlife, he was vice-chairman and general manager of Anhui Xinhua Media, a China-based company engaged in the publishing, distribution and sales of books, audio-visual products and teaching materials, from 2015 to 2018.

He is also presently the chairman of two subsidiaries of Cordlife’s substantial shareholder, Nanjing Xinjiekou Department Store – of which he was also the chairman until 2024.

Cordlife shares closed unchanged at 15 cents on Jan 8.

THE BUSINESS TIMES