Venture Corporation on Nov 5 announced changes to in its senior management line-up. The focus of Venture’s new leadership and enhanced top-tier framework will be aligned with the group’s vision to drive its next phase of growth through various dynamic ecosystems of interests.
This came just two days after the group posted a slight sequential gain in its 3QFY2021 ended September earnings.
See: Venture Corp reports slight sequential gain in 3QFY2021 earnings
In recent years, the company has embarked on several initiatives to transform and deepen its participation in selected technology domains. “Work is ongoing on new pathways to assimilate Venture’s intrinsic technology expertise across prevalent domains of Life Science Technologies, Healthcare Devices and Equipment, Genomics, and the emerging domains of Robotics, Automation, Artificial Intelligence and Semiconductor related Equipment,” says the group in its media release.
Hence, the board has recognised that in order to deal with emerging realities and challenges, its executive leadership must work collaboratively and purposefully towards shared goals and objectives, merging mature wisdom with contemporary talent.
With effect from Jan 1, 2022, current CEO Wong Ngit Liong will step down, but keep his position as executive chairman of the board and undertake a defined executive role.
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Given his time-honoured industry experience, deep business insights and long-term vision, the board affirms that at this stage of the group’s transformation, Wong’s stewardship to drive the group’s well-conceived, multi-prong and multiyear strategy is pivotal.
Meanwhile, current COO Lee Ghai Keen will take over Wong’s role as CEO.
Wong Chee Kheong, currently the senior vice president of the group’s healthcare and wellness business, global supply base management & IT, will be appointed as COO.
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In his executive role, Wong will remain accessible to share his wisdom, tap on his connectivity and draw on his enduring experience in the constantly evolving technology space. Wong will also support Lee in his new role.
As chairman, Wong will continue to provide stewardship and strategic direction to the board; fostering effectiveness and engagement to deliver sustained long-term growth for Venture; promoting high standards of corporate governance; encouraging constructive participation between members; and making sure that the paramount interests of all stakeholders are adequately evaluated and considered.
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Kay Kuok Oon Kwong, chairman of the nominating committee says, “At this crucial stage of the Company’s strategic evolution, the Board values the continued chairmanship of Wong Ngit Liong as critical for setting directions. Working closely with Lee Ghai Keen and senior management, Wong NL will leverage on his enduring institutional knowledge and latent business acumen to foster goodwill with current and potential business collaborators to devise value-enhancing strategic opportunities for the Venture Group.”
“He will also be available as a mentor to Lee to facilitate Board decision-making, ensuring that management’s proposals are robust and well-considered, and the Group’s operations are conducted in the ‘best-in-class’ manner.”
Shares in Venture closed at $18.58 on Nov 5.
