SINGAPORE: The owner and operator of Cathay Cineplexes, mm2 Asia, announced late on Tuesday (Jul 29) several boardroom changes, including the departure of CEO Chang Long Jong.
In a bourse filing on the Singapore Exchange at about 11pm on Tuesday, mm2 said Mr Chang will be retiring on Sep 1 and that company founder Melvin Ang will assume interim CEO responsibilities during the search for a permanent CEO.
Mr Chang has been the CEO of mm2 since April 2017. He was “instrumental in expanding mm2’s footprint in the regional entertainment industry”, said the company in a press release, while thanking him for his leadership.
It also announced that Mr Ang Chiang Meng will be joining as Chief Restructuring Officer from Aug 1.
He is the co-founder and managing partner of Argile Partners, a regional consultancy firm, and executive director of R&O Company, specialising in corporate and debt restructuring.
This move was taken “in view of the current cinema-related creditor negotiations and prolonged financial challenges stemming from the pandemic”, mm2 said.
“With decades of cross-border experience spanning Singapore, greater China, Southeast Asia, and offshore financial hubs, he is uniquely qualified to lead mm2’s debt management and operational reorganisation,” the company said.
“His credentials as a senior accredited director, chartered valuer, and restructuring expert will be pivotal in this transition.”
