Nanofilm chief executive resigns due to health reasons

MZH : MZH 0% chief executive and executive director Lee Liang Huang has resigned from his role due to health reasons. His resignation will take effect from Aug 21.

Executive chairman and founder Shi Xu will assume the chief executive role in the interim until Mr Lee's successor is appointed, the group said in a bourse filing on Wednesday.

Shareholders appeared largely unruffled by the development, with the counter shedding four cents or just 0.74 per cent to close trading at S$5.36 on Wednesday. Mr Shi founded Nanofilm - a start-up spun-off from Nanyang Technological University (NTU) - back in 1999 with a start-up capital of U$300,000 when he was an associate professor at NTU’s School of Electrical and Electronic Engineering. In fact, Nanofilm’s initial public offering propelled Mr Shi and his wife to billionaire status.

Mr Shi was the chief executive from 1999 to 2017, Nanofilm’s board noted adding that he is most suited to take on the role due to his extensive experience and knowledge of the group’s business.

The board made the interim appointment after taking into consideration that Mr Lee will have to take regular time off to attend to his health before the effective date of his resignation. Time is also needed to source for and identify a new chief executive candidate.

Mr Lee has been Nanofilm's chief executive since November 2017 and is responsible for overseeing the group's daily management and operations. He is also a member of the board's risk committee.

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Nanofilm, which specialises in advanced materials and nanoproducts, made its debut on the Singapore Exchange's mainboard in October 2020 and was among the largest listings in recent years that is not a real estate investment trust.

"The board wishes to express its sincere appreciation to Lee Liang Huang for his contributions to the group during his tenure as the CEO of the company," Nanofilm said.

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