Cordlife CEO's sudden exit rattles market

Singapore

THE sudden resignation of Jeremy Yee as boss of Cordlife Group, a cord blood banking firm he firmly led and where he ran a tight ship for close to five years, left corporate watchers gobsmacked and the stock limp with uncertainty on Tuesday.

Cordlife shares fell as much as 9.8 per cent to S$1.245 before closing the day 6.5 Singapore cents or 4.7 per cent down at S$1.315. About 2.75 million shares changed hands. The volatility followed an overnight announcement that Mr Yee had quit as Cordlife's chief executive to "pursue other interests" - a term which more often than not, reveals almost nothing.