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Yangzijiang's executive chairman steps down, CEO and son takes over

YANGZIJIANG Shipbuilding's executive chairman Ren Yuanlin has stepped down and made way for his son and company chief executive Ren Letian to take over as executive chairman of the group, the shipbuilder said in a bourse filing on Tuesday.

The elder Mr Ren, 66, has left the position he has held since 2006 to pursue other career opportunities, said the company. His son, aged 38, has thus ceased to be an alternate director to his father.

Mr Ren Yuanlin, known to be a key man of Yangzijiang, holds a 21.69 per cent stake in the company. The stake comprises 0.08 per cent of direct interest, and 21.61 per cent of indirect interest through his interest in Yangzi International Holdings Limited.

Yangzijiang on Tuesday separately announced the appointment of two directors to its board.

Deputy general manager Song Shu Ming has been appointed as an executive director. He is responsible for the overall operations of the Jiangsu Yangzi-Mitsui Shipbuilding Co, and leads the second sales and marketing division of the group.

Toe Teow Heng has been appointed as an independent non-executive director. He was chief executive of GEM Asset Management, formerly known as ICH Gemini, from May 2014 to April 2, 2020. Before that, he was director of ICH Partners from January 2009 to June 2014, and CEO of ICH Capital from October 2001 to September 2014.

Shares in Yangzijiang ended trading at 91.5 Singapore cents on Tuesday, up 3.5 Singapore cents, or 3.98 per cent.

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