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YuuZoo appoints new members to board and management team

FOLLOWING criticisms of weak governance, Mainboard-listed YuuZoo Corporation Limited said it has "significantly expanded and strengthened" its board and senior management by appointing two new board members and five experienced members to its top management team.

Its chairman, Thomas Zilliacus, said YuuZoo takes criticism seriously.

"While we are listed on the Singapore Stock Exchange (SGX), we are not a Singaporean company. We therefore feel that in strengthening our corporate governance we should not only strive to be on par with best corporate governance practices in Singapore - ranked 17 in the World Transparency Index - but on par with the best corporate governance practices in the world," he said.

With the new appointments, four out of six of board members now hail from Finland, which was ranked number one in the world on the 2017 list of the World's Most Transparent Countries and outstanding in corporate governance on the 2017 World Corporate Governance Index, YuuZoo said in an SGX listing on Monday.

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Chairman of Boardman Oy, Finland's leading organisation for board professionals, Kim Karhu, and CEO of Finance Link Finland Robert Malmström have been appointed to YuuZoo's board and its Audit Committee, now renamed Audit and Governance Committee.

The five who joined YuuZoo's global top management team have backgrounds as senior managers with large and successful international e-commerce, finance and IT companies, such as Dell, Citigroup, Compaq, Ezbuy, Rocket Internet and Lazada.

"Their knowhow and experience perfectly complement each other and will help YuuZoo build success on the strong business, technology, distribution and partnership platforms the company already has developed," Mr Zilliacus said.

YuuZoo also announced that it has appointed a leading head hunter to search for a new CEO for the company.