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When Jiang Bo took up the helm as CEO of Clarity Medical Group (1406.HK) last year, the Hong Kong-listed specialist eye care provider was mired in severe financial losses and, more importantly, a history of governance issues.
These issues triggered a trading suspension and the creation of two special investigation committees to examine them.
Now emerging from its most difficult period, Clarity has a 20/20 vision for the future that Jiang says is built on governance reform, operational discipline and ambitious growth.
“When I came in, the situation was more complicated than I had imagined. I had to lift the lid on legacy issues. Only then could we build a future,” he says candidly.
His first move was a sweeping clean-up by reshuffling the board, bringing in respected figures, engaging the board under chairman Anthony Wu’s leadership to function more effectively.
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Underperforming clinics were shut, poorly structured loans to former doctors were recovered, and past missteps were decisively corrected.
“Wrong decisions had to be corrected,” Jiang says. “Some of these decisions were consuming resources with no real return. It was better to cut losses and refocus.”
Jiang believes credibility starts with governance. “When the public and investors look at the board, they need to see people who inspire confidence,” he says.
“And they are respected industry figures staking their reputations on Clarity’s turnaround.”