Sim Leisure says CFO resigned due to 'mismatch of expectations'

THEME park operator Sim Leisure Group on Tuesday said the resignation of its chief financial officer (CFO), Seah Kheng Hong, 45, was due to a "mismatch of expectations" between the management and Mr Seah regarding the demands and requirements of his daily roles and responsibilities.

As such, Mr Seah has submitted his resignation to "pursue other career opportunities", the Catalist-listed company said.

Sim Leisure was responding to queries from the Singapore Exchange on whether there were other reasons for Mr Seah's cessation, since he was appointed to this position less than half a year ago on Dec 16, 2019.

As CFO of the group, Mr Seah is responsible for overseeing the financial and accounting functions of the group, including financial reporting, internal controls and taxation.

"The board wishes to reiterate that, as disclosed in the June 1 announcement, there are no concerns with regard to financial reporting that led to the resignation of Mr Seah, and there are no disagreements between Mr Seah and the board with regard to practices that would have an impact on the company's financial reporting," the company said.

Mr Seah is serving his notice period. His last day of employment will be June 17, according to a mutual agreement with the company.

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Sim Leisure also said it is working with Mr Seah to ensure the "smooth transition and handover of his duties".

The company has commenced the search for a suitable replacement and will provide the necessary update in due course, it said.

Silviya Georgieva, executive director of the company, will oversee the finance function in the interim before a new finance personnel is appointed, Sim Leisure said.

The counter last traded at S$0.27 on May 29.