Cordlife co-founder ousted in vote for new board

Outcome paves way for potential changes should new board alter company direction

- Lee Li Ying

Shareholders of troubled cord blood bank Cordlife voted to remove three directors from its board at the company's annual general meeting (AGM) held at Temasek Club on May 14.

More than 63 per cent of shareholders voted to remove acting chairman and Cordlife co-founder Ho Choon Hou and independent director Yeo Hwee Tiong.

They also voted against the reelection of another independent director, Mr Titus Cheong.

Around 200 million shares of Cordlife's 256,307,744 ordinary shares were represented at the AGM.

The moves come after Cordlife was thrust into the spotlight over lapses involving its storage tanks in 2023.

The lapses, involving seven storage tanks that were exposed to temperatures above acceptable limits, were uncovered by the Ministry of Health (MOH).

The ministry later suspended the cord blood bank from collecting or processing new cord blood for six months from Dec 15, 2023.

The outcome of the AGM paves the way for potential changes like a new top executive at Cordlife, should the new board of directors decide to change the direction of the company.

In the weeks leading up to the AGM, two substantial shareholders - TransGlobal Real Estate Group and Nanjing Xinjiekou Department Store - had gone head-to-head in a boardroom tussle to oust several board members and appoint new ones.

Nanjing Xinjiekou filed resolutions to remove four directors: Dr Ho, Mr Yeo, Mr Cheong and Mr Joseph Wong. Mr Wong said he would retire after the AGM.