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GS Holdings, ISEC Healthcare, Pacific Radiance announce management changes
GS Holdings, ISEC Healthcare and Pacific Radiance have separately announced management changes this week.
Catalist-listed dishware washing firm GS Holdings on Thursday said its executive chairman Pang Pok, 63, has been redesignated as chief executive officer (CEO) and executive director of the company, effective Jan 1, 2020.
This comes as Zhang Rongxuan, 54, has been appointed as non-independent and non-executive chairman.
Having interviewed Mr Pang, the company's sponsor, UOB Kay Hian, is not aware of any other material reasons for the cessation of Mr Pang as chairman of the board, the company said.
Mr Pang was appointed as executive chairman in September 2014. As at Jan 2, 2020 he holds about 106.1 million shares in the company, representing a 57.3 per cent stake.
In a regulatory filing on Thursday, GS Holdings noted that in conjunction with the proposed disposal of its dishwashing and cleaning business, the company intends to focus on growing its remaining businesses, namely the food and beverage (F&B) business and the branding, operation and procurement (BOP) services business.
"As Mr Zhang has been instrumental in building up the BOP services business in China, the company expects to benefit further from Mr Zhang's provision of strategic advice and guidance, and wishes to continue to tap on his network and connections in procuring additional secured outlets to facilitate the growth of that business," the company said.
It also noted that the board has approved this appointment to better reflect Mr Zhang's contributions to the group.
"In the interest of good governance, the board deems it appropriate to separate the functions of the chairman from that of the CEO," the company added.
Mr Zhang, who resides in China, owns Henan Jufeel Technology Group, which has entered into a master service agreement with GS Holding's subsidiary, Wish Hospitality Holdings, to secure on a "best effort basis", at least 200 current and future F&B outlets in various parts of the world within two years from the agreement signed on March 8, 2019.
Separately, Catalist-listed ISEC Healthcare on Thursday also announced the resignation of its chief financial officer (CFO), Macy Thong, 46, effective Jan 31, 2020.
Ms Thong will be moving on to pursue other career opportunities, and is serving her notice. The board has accepted her resignation and agreed to waive the remaining notice period set out in her employment contract, it said.
Additionally, the company has identified a replacement candidate within the group, and is finalising the appointment.
Having interviewed Ms Thong, the company's sponsor, PrimePartners Corporate Finance, is satisfied that there are no other material reasons for the cessation of Ms Thong as CFO, except for those disclosed.
According to ISEC Healthcare, there are also no concerns with regard to financial reporting that led to this resignation, and no disagreements between Ms Thong and the company's board of directors with regard to practices that will have an impact on the firm's financial reporting.
Ms Thong was appointed to her current position in April 2014, and was responsible for overseeing the finance and accounting functions of the group.
Meanwhile, offshore marine services firm Pacific Radiance on Friday also announced that it has appointed the sons of executive chairman Pang Yoke Min, as acting CEO and acting chief commercial officer (CCO) of the company.
James Pang, who is managing director of commercial and business development, has been named acting CEO; while Anthony Pang, who is managing director of subsea and project logistics, has been named acting CCO. Following this appointment, Mr Anthony Pang will also oversee the group's offshore support services and subsea divisions.
Both appointments were effective Jan 1, 2020. The company added that these were in line with the long-term succession plan of the company, and according to the nominating committee's recommendation.
GS Holdings closed at 74 Singapore cents on Thursday, up 0.7 per cent, or 0.5 Singapore cent, and ISEC Healthcare ended flat at 35.5 Singapore cents. Shares in Pacific Radiance have been suspended.