Wong Ngit Liong to step down as CEO of Venture, but remain executive chairman

VENTURE Corporation chief executive officer (CEO) Wong Ngit Liong will step down from this position on Jan 1, 2022, but remain as executive chairman of the board.

The electronics manufacturing services firm announced on Friday (Nov 5) after market close that he will replaced by current chief operating officer (COO) Lee Ghai Keen.

Wong Chee Kheong, currently senior vice-president of the group's healthcare and wellness business, and leader of its global supply base management and information technology team, will be promoted as COO.

The changes are in line with Venture Corp's plans to deepen its participation in selected technology domains such as life sciences, healthcare, genomics, robotics, automation, artificial intelligence and semiconductor related equipment, the company said.

Venture said: "The Board recognises that to deal with emerging realities and challenges, the company's executive leadership must work collaboratively and purposefully towards shared goals and objectives, merging mature wisdom with contemporary talent."

The company added that as chairman, Wong will continue to provide stewardship and strategic direction to the board, while remaining "accessible" to share his industry experience with future CEO Lee.

Two panels of specialists have also been established to support Venture's strategic directions. A panel of experts comprising scientists and engineers will provide guidance for research and development initiatives, while a panel of advisers will support the company's investment committee on business planning and strategies.

Venture added that the panels will also "enhance" the investment committee's objectives. The committee will focus on optimal utilisation of the company's available reserves which are not ear-marked for capital expenditure or working capital requirements. It may also be responsible for accessing alternate funding for targeted investments such as merger and acquisitions.

"The board has also reconstituted its audit committee and nominating committee, ensuring that the chairperson of each of these committees and the majority members are independent directors," Venture said.