SIIC Environment changes CEO on 're-designation of work' at the top

MAINBOARD-LISTED SIIC Environment Holdings has changed its chief executive officer "due to re-designation of work", the board announced on Friday.

China-based executive director Yang Jianwei, who has served as general manager of SIIC Management (Shanghai) Co since December 2018, is the new CEO.

The board said SIIC Environment will not ink a service contract with Mr Yang, 50, but he is subject to retirement by rotation, and can stand for re-election at general meetings.

His annual salary of S$50,000 was determined by his duties, qualifications and experience and prevailing market conditions, the board added.

Mr Yang replaces Xu Xiaobing, 55, who was the CEO from November 2018.

Mr Xu stays on as an executive director and member of the risk and investment management committee, and will continue to sit on the board of company subsidiaries.

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He has confirmed that he has no disagreement with the board, and that there are no other matters related to his departure that need to be flagged to shareholders or the Singapore and Hong Kong bourses, SIIC Environment added.

The counter closed at S$0.194 on Friday, up by 0.9 Singapore cent or 4.87 per cent, ahead of the latest board reshuffle announcement.