With Chew Seong Aun replacing Tang Hong Cheong as a non-executive director of the firm, Rank Group Plc announced a change in the directorate.
Seong Aun, a specialist in corporate finance, is the new Group CFO and member of the Board of Directors of the Honk Kong-based Guoco Group private investment company, the current controlling shareholder of Rank Plc.
Seong Aun had a 30-year executive career in investment banking, during which time he specialised in working capital raising across Asia, Europe and the UK for large-scale businesses and commercial ventures.
Rank’s chairman, Alex Thursby, said: “I am pleased to welcome Seong Aun to the Rank board. Seong Aun brings a wealth of financial and commercial experience to the board and will be able to further enhance the good communication established between Rank and its major shareholder.”
The change in management follows the decision of long-term corporate consultant Tang Hong Cheong, a non-executive director of Rank since 2000, to announce his withdrawal from all duties representing the LSE group.
Thursby added: “On behalf of Rank I would like to thank Hong Cheong for his valuable contribution as a director over the past two years and wish him well on his retirement.”
Rank closed its 2020 trading with a further £ 70 million in working capital raised, secured by a new equity placement for institutional investors during November.