Yangzijiang Financial’s CEO and Singapore CIO Toe Teow Heng resigns (update)

Executive chairman Ren Yuanlin will assume the role of CEO after Toe's departure in April 2024.

Vincent Toe Teow Heng, the CEO of Yangzijiang Financial and the chief investment officer (CIO) of its Singapore business, has resigned from the company.

According to an Oct 20 filing on the SGX, Toe will be leaving the company on April 24, 2024, to “pursue other opportunities”. In the meantime, he will remain at the helm till his last day to “provide continuity during the transition period and ensure the smooth running of the group’s operations”.

“With a succession and transition plan in place, Mr Toe's departure on the effective date is not expected to impact the group's day-to-day operations,” says Yangzijiang Financial in an Oct 20 statement.

“The board has expressed its gratitude and appreciation to Mr Toe for his valuable contributions to the company,” it adds in a separate filing.

Toe was the company’s CEO since April 2022 when it was spun off from parent company Yangzijiang Shipbuilding.

With Toe’s departure, the group will be streamlining its management roles.

Executive chairman Ren Yuanlin will assume the role of CEO while Yangzijiang Financial’s current chief financial officer (CFO) and chief operating officer (COO) Liu Hua will take on the additional role of deputy CEO.

The roles of CIO in Singapore and China will be removed.

As the group’s new CEO, Ren will assume the responsibility of overseeing the group’s investments, including sourcing, executing, managing and monitoring of its investments, both in the PRC and Singapore. The roles are currently being undertaken by the CIOs in China and Singapore.

Liu’s added role as deputy CEO will encompass the COO role. The group will explore appointing a finance director in due course to support Liu in her enlarged responsibilities.

“Mr Toe is an invaluable member of our team, and we extend our heartfelt gratitude for his dedication and contributions during his time with Yangzijiang Financial. As the inaugural CEO of the group since its listing in April 2022, Mr 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. In addition, he has spearheaded the growth of the group’s businesses, in particular the diversification of the group’s investments into new markets such as the US, Europe and South East Asia, and the group’s successful foray into the business of managing third party assets. We wish him all the best in his future endeavours,” says Ren.

“Ms Liu’s appointment as Deputy CEO underscores her proven track record as a capable leader within our organisation and reflects our confidence in her abilities and commitment to further propel the group's expansion and success,” he adds.

Further to his statement, Ren stressed that the leadership transition does not alter the group’s strategic direction. It will not impact its operations either.

“The restructured management team will continue to work closely and cohesively, with the aid of the investment committee to expand our investment portfolio, grow our global footprint, and access suitable investment opportunities. This will enable the group to achieve attractive risk-adjusted returns and provide a stable stream of dividends for our shareholders, and meeting our goal of sustainable, long-term value creation,” he says.

“Under the leadership of Mr Ren, we have set in place a rigorous evaluation process to ensure that all investment decisions are taken after robust analysis and discussions, which is vital for solidifying the foundation of the group. I have every faith that the future of the group is in good hands,” says Toe.

Shares in Yangzijiang Financial closed 1 cent higher or 3.03% down at 34 cents on Oct 20.

Update

In a revised update as at 10.19pm on Oct 20, the group's CIO Peng Xinkui was said to have been re-assigned to a new role within the group as it was removing the roles of CIO.

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