Temasek’s Advanced MedTech appoints new CEO
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Mr Wong Yau Chung will be Advanced MedTech's group chief executive from Oct 1.
PHOTO: ADVANCED MEDTECH
Ry-Anne Lim
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SINGAPORE – Advanced MedTech, a medical device company that is a wholly owned subsidiary of Singapore’s state-owned investment firm Temasek, has appointed Mr Wong Yau Chung as its new group chief executive, effective from Oct 1.
He was previously the group chief operating officer and on July 1 assumed the role of group CEO-designate.
Mr Wong succeeds Mr Abel Ang, who has been CEO since 2014. Mr Ang will retire as group CEO as part of a planned leadership transition, but will remain on the board of directors, Advanced MedTech said.
The change in leadership follows a banner year for the group.
In the financial year (FY) ended March 31, the group earned US$335 million (S$455 million) in revenue, up 15.1 per cent from a year ago. Excluding Covid-19-related revenues, this was a 17.4 per cent increase.
Revenue rose at a compound annual growth rate of 9.5 per cent between FY2022 and FY2024, and 16.4 per cent in the same period excluding Covid-19-related revenues.
“These record results have led to Advanced MedTech being among the top three for investment returns within the Temasek portfolio over the last three years,” company chairman Philip Yeo said.
“It is a testament to the effective execution of (the group’s) vision, driven by strong leadership and a clear strategic focus.”
Mr Wong said: “I am honoured and excited to lead Advanced MedTech into a new chapter and its next phase of growth and innovation.
“With the support of our incredibly talented team, I look forward to building upon our record success in FY2024 and continuing to drive growth in a sustainable manner.” THE BUSINESS TIMES
