Executive moves: ValueMax taps new CEO, chairman in board shuffle

ValueMax outlet in Singapore’s Little India neighborhood; taken October 2018.ValueMax outlet in Singapore’s Little India neighborhood; taken October 2018.

Singapore companies announcing executive changes: ValueMax Group.

ValueMax Group

ValueMax Group said Thursday Yeah Hiang Nam, the company’s CEO, founder and managing director, would be appointed executive chairman, effective 1 January 2022.

Yeah Chia Kai, currently the executive director, will be appointed as CEO, effective 1 January, the pawnshop operator said in a filing to SGX.

Phua Tin How, age 71, is stepping down as independent non-executive director and chairman, effective 31 December, as he will have served in the role for nine years in 2022, ValueMax said. He is leaving the role in compliance with the recommendations of the Code of Corporate Governance 2018, the company said in a filing to SGX.

Lim Tong Lee, age 55, will cease to be an independent non-executive director, effective 31 December, after serving in the role for nine years, in a move in compliance with the Code, ValueMax said in separate filing. He was appointed to his role in 2013, the filing said.

A director who has served in the role for more than nine years won’t be considered independent unless approval is sought from shareholders in separate resolutions for all shareholders and all shareholders excluding those serving as directors or CEO, according to the Code.

ValueMax said it has appointed Neo Poh Kiat, age 71, as independent non-executive director, effective 1 January 2022. He has been the managing director of Octagon Advisors from January 2005 to June 2021, the filing said. Neo will be the lead independent director, the filing said.

The company also appointed Tan Soon Liang, age 48, as independent non-executive director, effective 1 January 2022. From May 2009 to the present, he has been the managing director of Ti Ventures and from December 2014 to the present, he has been managing director of Omnibridge Capital, the filing said. Tan holds 150,000 shares in ValueMax, the filing said.

Lim Teck Chai, Danny, age 48, has been appointed as an independent non-executive director, effective 1 January 2022, the company said. Lim is currently a partner at law firm Rajah & Tann Singapore, which he joined in 1998, the filing said. He is currently a director for Kimly, Stamford Land, Choo Chiang Holdings and Advancer Global, the filing said.