EMBATTLED cord-blood bank Cordlife Group announced on Wednesday (Jan 8) that Zhai Lingyun, the company’s non-independent non-executive director, has been appointed as its new chairman.
This follows the resignation of Teo Tong Kooi, who stepped down from the position of chairman with immediate effect on Tuesday to “focus on other commitments”, the group said in a bourse filing.
Teo, who stepped up as chairman on May 23, 2024, will remain on the board as an independent director. He will also retain his roles as the chairman of the nominating committee and the remuneration committee as well as a member of the audit and risk committee.
Zhai will also continue to hold post as the group’s non-independent non-executive director in addition to his new role.
The group said the decision to appoint Zhai as chairman was made after its board of directors took into consideration the nominating committee’s recommendation and reviewed Zhai’s qualifications and work experience.
Zhai was appointed as non-independent non-executive director in December 2019 and was re-elected in April 2023.
Prior to joining Cordlife, he was vice-chairman and general manager of Anhui Xinhua Media, a China-based company engaged in publishing, distribution and sales of books, audio visual products and teaching materials, from 2015 to 2018. He is also presently the chairman of two subsidiaries of Cordlife’s substantial shareholder, Nanjing Xinjiekou Department Store – of which he was also the chairman until 2024.
Zhai was arrested on July 25, 2024, in connection with investigations into Cordlife’s alleged breach of disclosure obligations before being released on bail. He has not been charged or convicted of any offence.
As at 9.08 am on Wednesday, shares of Cordlife were trading flat at S$0.15.
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