The chief executive officer (CEO) of Singapore-listed Yangzijiang Financial, Vincent Toe, has decided to leave the company in six months’ time on an effective date of April 24, 2024.
Toe will remain at the helm for the next six months to provide continuity during the transition period and ensure the smooth running of the company’s operations.
With his impending departure and as part of the streamlining process, the company made several strategic decisions on the effective date. The roles of the chief investment officer for China and the chief investment officer of Singapore will be removed.
The company’s executive chairman, Ren Yuanlin, will assume the role of CEO on the effective date and will assume the responsibility of overseeing Yangzijiang’s investments, including sourcing, executing, managing, and monitoring the group’s investments, both in China and Singapore. Ren has over 40 years of experience in the shipbuilding industry and has taken on various positions within the Yangzijiang Shipbuilding Group and its predecessors since 1973.
The group’s CFO and COO Liu Hua will retain her existing CFO responsibilities and be appointed as the deputy CEO on the effective date, which encompasses the COO role. Yangzijiang will explore appointing a finance director in due course to support her enlarged responsibilities.
Liu is currently responsible for the company’s financial management functions, the sourcing and management of funds as well as handling matters involving treasury, accounting and capital management.
“As the inaugural CEO of the group since its listing in April 2022, Toe has been instrumental in setting the strategic direction of the group, building up the management team, as well as setting up the risk management and compliance framework. We wish him all the best in his future endeavours,” Ren, executive chairman of Yangzijiang Financial, said.
