ADVANCED MedTech, a medical device company that is a wholly owned subsidiary of Singapore’s state-owned investment firm Temasek, has appointed Wong Yau Chung as its new group chief executive officer, effective Oct 1.
He was previously the group chief operating officer and on Monday (Jul 1) assumed the role of group CEO-designate.
Wong succeeds Abel Ang, who has been CEO since 2014. Ang will retire as group CEO as part of a planned leadership transition, but will remain on the board of directors, said Advanced MedTech.
The change in leadership follows a banner year for the group.
In the financial year ended Mar 31, 2024, the group earned US$335 million in revenue, up 15.1 per cent from a year ago. Excluding Covid-19-related revenues, this was a 17.4 per cent increase.
Revenue rose at a compound annual growth rate of 9.5 per cent between FY2022 and FY2024, and 16.4 per cent in the same period excluding Covid-19-related revenues.
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“These record results have led to Advanced MedTech being among the top three for investment returns within the Temasek portfolio over the last three years,” said the company’s chairman, Philip Yeo.
“It is a testament to the effective execution of (the group’s) vision, driven by strong leadership and a clear strategic focus.”
Wong added: “I am honoured and excited to lead Advanced MedTech into a new chapter and its next phase of growth and innovation.”
“With the support of our incredibly talented team, I look forward to building upon our record success in FY2024 and continuing to drive growth in a sustainable manner,” he said.
