Venture Corp to install dual CEOs in restructuring

STRAITS Times Index constituent Venture Corporation on Thursday (May 11) announced the promotion of its chief operating officer Wong Chee Kheong as chief executive officer (CEO) of one of its major technology business groups as part of the company’s restructuring.

Wong will lead the advanced manufacturing and design solutions (AMDS) group from Jun 1, while current CEO Lee Ghai Keen, who was promoted last year, will lead the other major business group, referred to as the technology products and solutions (TPS) group.

Venture said it wishes to deepen the focus, and drive the growth of their underlying businesses.

The group’s executive chairman Wong Ngit Liong said in the bourse filing that as dual CEOs, Lee and Wong are both vital to lead Venture’s two business groups over the next decade.

He described Lee’s role as a continuing focus on the technology-driven transformation of the life science domain and other businesses under TPS. 

Wong, on the other hand, will innovate, differentiate and sophisticate the technology products underpinning Venture’s organic electronic manufacturing services and other businesses under AMDS, he pointed out.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Speaking on behalf of the board, nominating committee chairperson Kay Kuok Oon Kwong said the fast-paced and growth-focused technology industry of today faces increasing complexities, disruptions and uncertainties. “We need new thinking on how the company is run,” she added.

She also said the board views that having two CEOs, who are home-grown, with substantial technical knowledge in the key spheres of technology business and aligned to Venture’s mission, vision and values, is an effective leadership model. 

The two groups

The TPS group includes the life science and genomics domain, custom design business that is focused on biotech and medical equipment, and the solutions and strategic modules business. All of these businesses were recently corporatised as the Ventech Group.

The group said TPS will also oversee the precision engineering business, presently undertaken by entities under the Univac Group.

The AMDS group of businesses is engaged in the design and manufacture of a wide range of electronic products, such as products within the healthcare, luxury lifestyle and wellness domain, and semiconductor-related equipment and modules.

While Wong Chee Kheong is to lead the AMDS group, he will still head Venture Group’s IT and global supplier base management divisions, both of which are adapting fast to manage the many challenges in their operating environments, the group noted.

Separately, Venture announced that it has appointed its group finance director Anthea Ng Lee Leng as group chief financial officer, and Income Insurance’s chief people officer Juliana Ang Chieh Hwee as group chief human resource officer. They will assume their new roles on Jun 1.