AEM Holdings CEO Amy Leong resigns
[SINGAPORE] Semiconductor testing equipment manufacturer AEM Holdings has announced the resignation of its chief executive officer Amy Leong, which took effect on Sunday (Jul 27).
Leong, who held the post for slightly more than a year, will be replaced by Samer Kabbani, the group’s president and chief technology officer, from Monday.
In a regulatory filing on Sunday evening, AEM cited “board-led leadership realignment for growth” as the reason for Leong’s resignation. The filing indicated that there are no unresolved differences in opinion on material matters between Leong and the board of directors, including matters that would have a material impact on the group or its financial reporting.
Loke Wai San has been AEM’s chairman since 2011. He is also the founder and CEO of private equity fund adviser Novo Tellus Capital Partners.
Kabbani has been with AEM since 2020. He was previously executive vice-president at Advantest and Astronics Test Systems, respectively. In his 14-year tenure at Cohu, Kabbani served in key senior management roles, including Delta Design Systems president.
He is a “prolific innovator with more than 30 registered patents in areas of advanced thermal management, photoresist processing, factory automation, and vision alignment and inspection”, as described on the AEM website.
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In May, AEM reported a 42.9 per cent year-on-year rise in its bottom line for the first quarter of FY2025 ended March, as net profit margin improved. The group announced a net profit of S$3.3 million, translating to a margin of 3.9 per cent for the period, compared with S$2.3 million and 2.5 per cent, respectively, for the first quarter of FY2024.
However, revenue was 8.7 per cent lower at S$86 million against S$94.2 million for the year-ago period. AEM said this was in line with its first-half revenue guidance of S$155 million to S$170 million, despite the uncertainty created by the tariff turmoil.
The company said then that it is on track with its revenue diversification efforts, as revenue from new customers in its Test Cell Solutions segment doubled that of the previous quarter.
AEM closed at S$1.72 on Friday, up S$0.03 or 1.8 per cent.
