The board of directors of CW Group Holdings Limited announced that Mr. Lim Chwee Heng (Mr. Lim) will step down as executive Director and Chief Operating Officer (COO) of the company with effect from April 3, 2013 and will thereafter be appointed as Chief Technology Officer of the company. In this respect, he will spend more time travelling to Europe and the United States and his duties will include the searching and evaluating of potential business targets with technology content, the transfer and assimilation of the acquired technology into the Group and the synergizing and application of the technology to the Group for future growth. The Board also announced that Mr. Lee Tiang Soon (Mr. Lee) has been appointed as executive Director of the company with effect from April 3, 2013, and as a result thereof, Mr. Lee will cease to hold the position of Chief Financial Officer (CFO) of the company with effect from the same date. Mr. Lee Tiang Soon joined the Group since April 2008 and was formerly the CFO of the Group before his appointment as executive Director. He has also been a non-practising member of the Institute of Certified Public Accountants of Singapore since 2007. Prior to joining the Group, he worked in Ernst & Young LLP from 1996 to 2003 where he left as a manager. From 2003 to 2006, he served as a senior manager at Alvarez & Marsal (SE Asia) Pte. Ltd. Mr. Lee will be the director of Finance and Business Development of the company. He will oversee the corporate development, business strategy and overall finance function of the company. These include inter alia, development of the company's strategy, sourcing and managing new business opportunities, profiling and evaluating potential acquisition targets in terms of fit with the company's strategy and value creation potential. Upon resignation of Mr. Lim as the executive Director and COO of the company, Mr. Wong Mun
Sum, currently an executive Director, has also been appointed as the COO of the company with effect from April 3, 2013. As COO, Mr. Wong will be responsible for the overall business operations of the Group, which include inter alia, the development and improvement of the Group's operational processes and capabilities. He will continue to assist the company's Chief Executive Officer, Mr. Wong Koon Lup in the marketing, strategic planning and business of the Group in China. As a result of the appointment of Mr. Lee as executive Director and his resignation as CFO of the company, Mr. Foo Suan Ping (Mr. Foo) has been appointed as the CFO of the company with effect from April 3, 2013 in substitution for Mr. Lee. Mr. Foo Suan Ping joined the Group in June 2004 and has been the Group's financial controller before his appointment as the CFO. Prior to joining the Group in 2004, Mr. Foo worked for Excel Machine Tools Ltd. from February 1999 to July 2003. Mr. Foo will be responsible for the corporate finance function of the Group and matters relating to accounting, financial administration, and the compliance and reporting obligations of the Group.