Cordlife CEO resigns after 11/2 years on the job

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

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

Until a replacement is found, Michael Weiss - who is now 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 2017.

The board said in its announcement on Friday 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 media that 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 Singapore cent, or 0.63 per cent, to S$0.785 - albeit on a piddling 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 S$649,000 for the group, in a turnaround from the S$574,000 loss in the same period the year before.