YANGZIJIANG Financial Holding’s (YZJ Financial) chief executive officer, Vincent Toe, will be leaving the organisation next year “to pursue other opportunities”, the company said on Friday (Oct 20).

The group’s executive chairman, Ren Yuanlin, who is also the founder and largest shareholder of Yangzijiang Shipbuilding : BS6 0% (YZJ Shipbuilding), will assume the role of CEO on the date of Toe’s departure on Apr 24, 2024.

YZJ Financial : YF8 0% said in a bourse filing that Toe, who is also its Singapore chief investment officer (CIO), will remain at the helm for the next six months, to provide continuity during the transition period, and to ensure the smooth running of the group’s operations. It does not expect Toe’s departure to impact the group’s day-to-day operations.

The group announced separately that its China CIO Peng Xingkui would also be leaving his role on Apr 24 “to pursue other opportunities”.

But it made a replacement announcement later on Friday night, in which it said Peng will not be leaving the group; instead, he will be reassigned to a new role within the group and will remain a member of its investment committee.

YZJ Financial added that it has made the strategic decision to remove the CIO roles.

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Ren, who will assume the role of CEO after Toe’s departure, will assume responsibilities for the group’s investments, including sourcing, executing, managing and monitoring of investments, both in China and Singapore.

The group noted that Ren has over 40 years of experience in the shipbuilding industry, and has taken on various positions within the YZJ Shipbuilding group and its predecessors since 1973.

“With his extensive experience and business acumen, Mr Ren is well-placed to assume his new responsibilities, in particular, the group’s asset allocation and investments,” YZJ Financial said.

The group’s chief financial officer and chief operating officer Liu Hua will be appointed deputy CEO in April next year, while retaining her existing CFO responsibilities.

When appointed as deputy CEO, Liu will assist Ren to expand the investment management as well as fund and wealth management businesses in Singapore, YZJ Financial said.

YZJ Financial was spun off from YZJ Shipbuilding, a Straits Times Index constituent. The spinoff and separate listing of the shipbuilder’s investment segment was initiated with the aim of unlocking value for the company’s shareholders.

Shares of YZJ Financial rose 3 per cent or S$0.01 on Friday to close at S$0.34, before the announcement. Shares of YZJ Shipbuilding ended at S$1.43, down 1.4 per cent or S$0.02.