KUALA LUMPUR (Sept 24): There is a growing vacuum in the top management of CTOS Digital Bhd (KL:CTOS), with its group chief financial officer (CFO) joining the chief executive officer (CEO) in departing the credit reporting firm.
Chiam Hsing Chee will step down as group CFO effective Sept 28 due to personal commitments abroad, said CTOS in a filing with Bursa Malaysia on Wednesday.
CTOS, in which the Employees Provident Fund holds a 21.47% stake, has yet to name his successor.
Chiam joined CTOS in January 2023, succeeding then-retiring CFO Chen Thai Foong. Prior to that, he spent more than a decade with Australia-listed Worley Ltd, where he held senior finance roles.
His resignation comes five months after CTOS announced the departure of its group CEO Erick Hamburger, whose last day of service is Sept 30.
CTOS’ non-independent director Loh Kok Leong was appointed interim group CEO in May, while the group continues its search for a permanent replacement.
For the second quarter ended June 30, 2025, CTOS reported a 17% year-on-year drop in net profit to RM21.16 million from RM25.5 million, mainly due to higher depreciation, amortisation and operating costs. Revenue, however, rose 3.1% to RM79 million from RM76.64 million, underpinned by stronger demand for its digital reports and monitoring services.
Shares of CTOS closed 2.5 sen or 2.48% lower at 98.5 sen on Wednesday, valuing the group at RM2.28 billion. Year to date, the stock has declined over 17%.