The Place Holdings announces new CEO

The Place Holdings announced late on Wednesday that its executive chairman and CEO Ji Zenghe is stepping down from his CEO post, but will retain his designation as executive chairman.

Current executive director of the company Fan Xianyong will be replacing him as CEO, effective April 25. Mr Fan has been executive director with the company since 2016.

The rationale given for the change is to have a "division of responsibilities between the executive chairman and the chief executive officer".

Mr Ji will continue to be responsible for the strategic direction and business direction of the group in his capacity as executive chairman.

The media company, which used to trade as Eucon Holding, was put on the Singapore Exchange's watch list in 2014. It was removed from the bourse operator's minimum trading price watch list on June 5, 2017.