Printing firm Xpress Holdings has appointed a new chief executive, after splitting the role from that of the executive chairman.
Mr Lim Huan Chiang, 58, takes over the role from the company's single largest shareholder, Mr Ma Weidong, who was appointed in July after the completion of a share placement and warrants issue.
Mr Ma owns 31.4 per cent of the company, while Mr Lim has a 0.8 per cent stake, based on the shares outstanding as at July 31.
Mr Lim told The Straits Times that he had bought his 29 million shares more than three years ago.
Mr Ma will remain executive chairman and be "responsible for setting business strategies, managing of the group and driving change within the organisation", said the company in a Singapore Exchange filing.
Prior to joining Xpress Holdings, Mr Lim had spent 21 years at Singapore Press Holdings and was vice- president of Cultural Industry Promotion with the Chinese Media Group.
Mr Lim is very active in community services and holds positions in the management committees of a number of government and business associations.
He will be responsible for the day-to-day operations of the group.
He said his top three priorities are "to reorganise the company, cut costs and look for new projects and investment opportunities".
"We've put all the recent troubles behind us, including court cases, and debt repayment," he said. "We will now focus on charting a new direction in order to put the company back on a new growth path."
Xpress Holdings' shares closed 0.1 cent or 5 per cent higher at 2.1 cents yesterday.