KUALA LUMPUR (Sept 29): IHH Healthcare Bhd said its group chief financial officer (CFO) Joerg Ayrle will be on garden leave effective Saturday (Sept 30), until his contract ends on Jan 31, 2024.

“[Ayrle] will also be on garden leave effective Sept 30, until the cessation of his employment contract in Singapore on Jan 31,” IHH said in a filing.

The filing, however, did not elaborate why Ayrle is going on garden leave. IHH declined to provide further comment when contacted.

Ayrle, 54, was appointed as group CFO of IHH on Feb 1, 2021, eight months after his predecessor Low Soon Teck resigned in June 2020 to pursue other interests and opportunities. Low served as group CFO of IHH for four years from January 2016.

Prior to his current stint with IHH, Ayrle was the group CFO of frozen and canned seafood manufacturer Thai Union Group.

At the time of his appointment, IHH said he would be responsible for providing “financial leadership and strategic guidance for IHH and its operations, and the business plan development”.

“In his role, Joerg will ensure effective management of resources, safeguard shareholders’ interests and steer financial and management reporting, treasury, tax and investor relations’ functions, and support the company’s M&A (merger and acquisition) activities,” IHH said in its website.

Just last February, IHH saw the resignation of its group managing director and chief executive officer (CEO) Dr Kelvin Loh Chi-Keon, who was first appointed as CEO over three years ago, in July 2019.

In August, the group announced IHH Healthcare Singapore CEO Dr Prem Kumar Nair as the new group CEO, with his appointment effective from Oct 1. In the interim, CEO duties are being covered by the group’s chief operating officer (COO) Joe Sim Heng Joo. 

The group’s operations span across Malaysia, Singapore, Hong Kong, Türkiye, India, Brunei, Sri Lanka and parts of Europe.

It holds a 90% stake in Turkish healthcare group Acibadem Holdings, and a 31.1% stake in Fortis Healthcare Ltd, which it acquired in 2018.

This August, Fortis' pathology diagnostics subsidiary Agilus Diagnostics was given the green light by its shareholders to initiate an initial public offering (IPO) process. Fortis is en route to be renamed under IHH’s Parkway brand, to distance itself from its former owners Malvinder and Shivinder Singh, alleged to have siphoned funds from the India-based hospital chain.

Shares of IHH closed 11 sen or 1.85% lower at RM5.85 on Friday, giving the group a market capitalisation of RM51.52 billion. The counter is down 5.95% this year.