These are Singapore companies which announced personnel changes on Tuesday, 5 October 2021: Serial System Ltd.
Serial System said Tuesday Derek Goh Bak Heng, age 59, would cease to be executive chairman of the board, effective Tuesday. Derek Goh Bak Heng had been appointed to the position in 1992, the company said in a filing to SGX.
The company pointed to statements in 2015 related to a Monetary Authority of Singapore investigation of a personal matter involving Derek Goh Bak Heng.
“The company has been informed that the MAS has completed its investigations and the matter is now closed. Derek Goh has been given a conditional warning by the MAS. Derek Goh will step down as director of companies for a period of twenty-four (24) months,” Serial Systems said in the statement. “Derek Goh will however continue to be the group chief executive officer but will not be a director of any subsidiary or associated company/ corporation of the group during the relevant period.”
The company has appointed Goh Su Teng Sean, age 42, to the role of executive director, effective Tuesday, the filing said. Goh Su Ten Sean joined Serial Microelectronics, a wholly owned subsidiary of Serial System, in 2004 as a sales engineer, and was appointed the group chief operating officer in 2019 after taking on various roles and portfolios in the organisation, the filing said.
Goh Su Ten Sean will remain in his role as group chief operating officer, and will work with the group CEO Derek Goh Bak Heng, the filing said.
Derek Goh Bak Heng is the cousin of Goh Su Teng Sean.
Derek Goh Bak Heng holds directly and indirectly a total of 365.40 million shares, or a 40.38 percent stake, in Serial Systems, the filing said.
Teo Ser Luck will assume the position of acting independent non-executive chairman, the filing said.
Serial System is a distributor of electronic components and consumer products, as well as acting as a strategic investor in the healthcare and managed print services business. Its wholly owned subsidiary Contract Sterilization Services assembles and distributes medical devices.