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Cordlife Group CEO to step down in April

Dr Wong Chiang Yin, 49, is leaving "to pursue his personal interests", the board said last Friday.
Dr Wong Chiang Yin, 49, is leaving "to pursue his personal interests", the board said last Friday.

CORDLIFE Group's chief executive has resigned, a year-and-a-half after joining the mainboard-listed cord-blood banking company.

Dr Wong Chiang Yin, 49, is stepping down as executive director and group CEO on April 4, "to pursue his personal interests", the board announced last Friday. He will continue to serve as an honorary adviser.

Until a replacement is found, Mr Michael Weiss - executive director for business development and mergers and acquisitions - will be interim group chief. Mr Weiss, also 49, was appointed as a non-independent, non-executive director in November 2016 and took on his current role in February last year.

The board in an announcement on Friday said that the outgoing Dr Wong, a public health specialist, "is very knowledgeable in his field and has been a stabilising influence and a safe pair of hands at Cordlife Group".

He joined Cordlife in June 2016, after the sudden resignation of his predecessor Jeremy Yee three months prior.

Mr Yee later told the media he had been asked to choose between leaving and being removed, even as the Cordlife board at the time said that he had not wanted to renegotiate new employment terms.

Cordlife dipped at Friday's close by 0.5 cent, or 0.63 per cent, to $0.785 - albeit on a relatively small volume of 50,000 shares - ahead of the news of Dr Wong's departure. Its most recent set of financial results, for the three months to Sept 30, 2017, saw a net profit of $649,000 for the group, in a turnaround from the $574,000 loss in the same period the year before.

A version of this article appeared in the print edition of The Straits Times on January 22, 2018, with the headline 'Cordlife Group CEO to step down in April'. Print Edition | Subscribe