International Factors (Singapore) (IFS)- now controlled by Lim Hua Min's Phillip Securities - has a new chief.
In a statement last night, the former Temasek Holdings-controlled factoring unit, now 40.5 per cent owned by Phillip, said its long-term managing director Choo Boon Tiong will resign on 27 April.
Lee Soon Kie, a senior executive of the PhillipCapital Group and currently a director of IFS, was appointed chief executive yesterday.
A veteran in Singapore's factoring business, Mr Choo, who has been associated with IFS and its former parent group since 1986, will also resign as a director and from all other offices in subsidiaries and associated companies of the IFS group.
IFS company secretary Naganatha Pillay also retired recently after many years with the group.
