Change - Announcement of Cessation::Resignation of Mr Soennerstedt Carl Johan Pontus as Executive Director and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
POLARIS LTD.
Securities
POLARIS LTD. - SG1L96897898 - 5BI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
02-Aug-2024 18:09:51
Status
New
Announcement Sub Title
Resignation of Mr Soennerstedt Carl Johan Pontus as Executive Director and Chief Executive Officer
Announcement Reference
SG240802OTHR62BY
Submitted By (Co./ Ind. Name)
Sugiono Wiyono Sugialam
Designation
Executive Director and Executive Chairman
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company, and its contents have been reviewed by the Company's Sponsor, Evolve Capital Advisory Private Limited (the "Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST"). It has not been examined or approved by the SGX-ST, and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr. Jerry Chua (Telephone Number +65 6241 6626), Registered Professional, Evolve Capital Advisory Private Limited, 138 Robinson Road, Oxley Tower, #13-02, Singapore 068906.

Additional Details

Name Of Person
Soennerstedt Carl Johan Pontus
Age
53
Is effective date of cessation known?
Yes
If yes, please provide the date
14/08/2024
Detailed Reason (s) for cessation
As part of the succession planning, Mr Soennerstedt Carl Johan Pontus ("Mr Pontus") has expressed his desire to step down as the Executive Director and Chief Executive Officer ("CEO") of the Company with effect from 14 August 2024. To facilitate a smooth succession planning transition process, Mr Pontus will be redesignated as Non-executive Director of the Company and ceases to be a member of the Nominating Committee. He will be a member of the Audit and Risk Management Committee and Remuneration Committee with effect from 15 August 2024.

After having interviewed Mr Pontus and to the best of its knowledge, the Sponsor, Evolve Capital Advisory Private Limited, is satisfied that save as disclosed in this announcement, there are no other material reasons for the resignation of Mr Pontus as the Executive Director and CEO of the Company.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
No
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
01/03/2018
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director and CEO, a member of Nominating Committee
Role and responsibilities
Mr Pontus has been responsible for improving, developing, extending, maintaining, advising and promoting the Company's business and protecting and furthering the reputation, interests and success of the Company.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Nil
Present
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