Ship lessor Yangzijiang Financial has confirmed that its chief executive is set to leave the company in early 2024.
The Singapore-listed company gave no reason for the departure of Vincent Toe other than to say he was leaving to pursue other interests.
Yangzijiang Financial said Toe is due to leave in April 2024 but will remain at the helm for the next six months to “provide continuity during the transition period”.
The company has also announced that the chief investment officer roles in China and Singapore will be removed.
Executive chairman Ren Yuanlin will assume the role of chief executive and will assume the responsibility of overseeing the group’s investments.
Liu Hua, the group’s chief financial officer and chief operating officer, will also be appointed deputy CEO on Toe’s departure.
“The group will explore appointing a finance director in due course to support Ms Liu in her enlarged responsibilities,” the company said.
“When appointed as deputy CEO, Ms Liu will assist Mr Ren to expand the investment management and fund/wealth management businesses in Singapore, by developing and implementing the strategies and policies in pursuit of the group’s key objectives,” it added.
“As the inaugural CEO of the group since its listing in April 2022, Mr Toe has been instrumental in setting the strategic direction of the Group, building up the management team, as well as setting up the risk management and compliance framework,” said Ren.
“In addition, he has spearheaded the growth of the group’s businesses, in particular the diversification of the group’s investments into new markets such as the US, Europe and Southeast Asia, and the group’s successful foray into the business of managing third-party assets.”
Ren added: “Ms Liu’s appointment as deputy CEO underscores her proven track record as a capable leader within our organisation and reflects our confidence in her abilities and commitment to further propel the group’s expansion and success.”
Yangzijiang Financial, which was spun off from Singapore-listed Yangzijiang Shipbuilding, has been in acquisition mode since announcing it was setting up a new maritime investment fund with an initial capital of up to $250m in August 2022.
The company recently teamed up with Cetus Maritime to invest in handysize bulkers for the Hong Kong-based owner’s commercial handysize pool.
The new asset-owning joint venture initially aims to acquire between four and eight modern, eco-designed handysizes but added that it would also “acquire secondhand vessels at an opportune time”.
Yangzijiang Financial has also recently acquired stakes in two chemical tankers — the 26,200-dwt RT Star (built 2011) and 20,000-dwt Celsius Mayfair (built 2007).
It has also entered into a co-chartering agreement for eight 50,000-dwt eco MR chemical and product tankers with an unnamed charterer for a period of less than a year for each vessel.
