Business

Cordlife Group CEO to step down in April

Cordlife Group's chief executive has resigned, a year-and-a-half after joining the mainboard-listed cord-blood banking company.

Dr Wong Chiang Yin, 49, is stepping down as executive director and group CEO on April 4 "to pursue his personal interests", the board announced last Friday. He will continue to serve as an honorary adviser.

Until a replacement is found, Mr Michael Weiss - executive director for business development and mergers and acquisitions - will be interim group chief.

Mr Weiss, also 49, was appointed as a non-independent, non-executive director in November 2016 and took on his current role in February last year.

In an announcement on Friday, the board said Dr Wong, a public health specialist, "is very knowledgeable in his field and has been a stabilising influence and a safe pair of hands at Cordlife Group".

He joined Cordlife in June 2016, after the sudden resignation of his predecessor Jeremy Yee three months prior.

Mr Yee later told the media he had been asked to choose between leaving and being removed, even as the Cordlife board at the time said that he had not wanted to renegotiate new employment terms.

Cordlife dipped at Friday's close by 0.5 cent, or 0.63 per cent, to $0.785 - albeit on a relatively small volume of 50,000 shares - ahead of the news of Dr Wong's departure.

BUSINESS & FINANCE