Current group CEO Cheng Liang will step down in August.
Vicplas International has appointed Walter Tarca as its deputy group CEO as part of its succession plan.
Tarca’s appointment will take effect from Feb 1. He will continue to work alongside group CEO Cheng Liang and will assume the role of group CEO from Aug 1.
Tarca has been the president of the group’s medical devices segment (forefront medical) since 2016 and has transformed the segment into a major contributor of the group under his watch.
He will continue to hold this portfolio upon his appointment as deputy group CEO and group CEO.
At the same time, the group announced the cessation of its group CEO, Cheng Liang, who will step down on the same day, as part of the succession plan.
Cheng, who was group CEO from Nov 1, 2018, led the successful growth and expansion of the business “over the years”, according to the group.
“The board would like to record its appreciation to Mr Cheng for his contribution as Group Chief Executive Officer and Acting Group Chief Executive Officer of the Vicplas Group during his tenure in office”, reads the statement put out by the group.
Shares in Vicplas closed 1 cent higher or 4.55% up at 23 cents on Jan 18.
Photo of Tarca: Albert Chua/The Edge Singapore