Jack Ma to step down as Alibaba's chairman in 2019; announces CEO Daniel Zhang as successor

SINGAPORE (Sept 10): Jack Ma today announced his plans to step down as the Chinese e-commerce giant’s board chairman, one year from today on Sept 10, 2019.

In an open letter issued by Ma today to Alibaba’s customers, employees and shareholders, Ma named the company’s CEO Daniel Zhang, who has been with Alibaba for 11 years, as his intended successor.

As part of the handover, Ma says he will continue as an executive chairman of the company over the next twelve months from the effective date to ensure a smooth transition of chairmanship.

YuuZoo chairman Thomas Zilliacus resigns amid CAD investigations

SINGAPORE (Apr 28): YuuZoo Corporation’s Thomas Henrik Zilliacus has resigned from his post as the company’s chairman with immediate effect, in view of the ongoing investigations conducted by the Commercial Affairs Department (CAD) for a potential offence under Singapore’s Securities and Futures Act.

In an announcement filed to the SGX on Friday evening, YuuZoo says Zilliacus believes his stepping aside during the ongoing investigations is the “honourable thing to do”, although he maintains his conviction that “nobody in the company has done anything wrong”.

China Medical announces passing of chairman Tai Kok Chuan

SINGAPORE (Mar 7): China Medical (International) Group says its executive chairman, Tai Kok Chuan, passed away at the age of 61 on March 6.

The company called for a trading halt before noon on Tuesday, prior to the announcement after 7pm. It has requested to resume trading Wednesday morning.

Tai was the executive chairman and has been a director of China Medical, formerly known as Albedo Limited, since 2005. In his post, he oversaw the formulation of policies and strategies, as well as the overall management of the group.

Man who helped bury Lehman turns to saving troubled trader Noble

LONDON (March 15): As Noble Group investors head for the door, the embattled commodity trader has turned to a man whose resume is a roll-call of Asia’s highest-profile corporate collapses.

Former ISR Capital chairman’s bankruptcy annulled less than 6 months after order

SINGAPORE (Feb 9): The bankruptcy order made against Md Wira Dani Abdul Daim in Aug 2016 has been annulled by the Official Assignee and last month, gazetted, according to an article by The Straits Times this morning.

Based on information extracted from the Ministry of Law’s Insolvency Office website, an annulment of the order means “it is as if the bankruptcy order was never made against the debtor”, while a discharge does not have the same effect.  

Jumbo CEO Ang gives up chairmanship to focus on next stage of growth

SINGAPORE (Jan 31): Ang Kiam Meng, executive chairman and CEO of the Jumbo group of seafood restaurants, is relinquishing his role as chairman of the board to focus on the restaurant chain's next stage of growth.

Lead independent director Tan Cher Liang, who co-founded corporate services group Boardroom, will take over as the new independent chairman.

Ang will now be executive director and group CEO.

In FY16, Jumbo’s earnings rose 46.3% to $15.5 million from a year ago due to higher gross profit and share of results of associates.

Vibrant sees 67% fall in FY16 earnings to $10 mil; appoints new chairman

SINGAPORE (June 29): Vibrant Group, formerly known as Freight Links Express Holdings, reported a 66.6% decline in earnings to $10 million.

For the full year to March, revenue rose 38.2% to $280.7 million, lifted by sales from two government-approved resettlement housing development projects in Jiangyin, China.

Revenue from its largest segment -- the freight and logistics business -- fell 11.5% to $158.9 million following the disposal of a loss-making subsidiary and a decrease in freight and logistics handling volumes.

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