Change - Announcement of Appointment::Promotion of Chief Operating Officer to Chief Executive Officer

Issuer & Securities

Issuer/ Manager
VENTURE CORPORATION LIMITED
Securities
VENTURE CORPORATION LIMITED - SG0531000230 - V03
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
05-Nov-2021 19:07:17
Status
New
Announcement Sub Title
Promotion of Chief Operating Officer to Chief Executive Officer
Announcement Reference
SG211105OTHRU2AM
Submitted By (Co./ Ind. Name)
Devika Rani Davar
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Promotion of Chief Operating Officer Mr Lee Ghai Keen to Chief Executive Officer

Additional Details

Date Of Appointment
01/01/2022
Name Of Person
Lee Ghai Keen
Age
66
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
In keeping with Venture Corporation Ltd's (the Company) integrated and systematic approach to long-term succession planning, Mr Lee Ghai Keen, the current Chief Operating Officer (COO), will be promoted as Chief Executive Officer (CEO) effective from 1 January 2022. With 23 years of service with the Company, Ghai Keen has considerable experience in developing and growing new businesses in the electronics and advance technology sectors. As COO since 1 January 2021, Ghai Keen has been overseeing the Group's operations. Given his track record and credentials, the Board and the Nominating Committee are satisfied that Ghai Keen will be able to lead the Group in the years ahead.
Whether appointment is executive, and if so, the area of responsibility
The appointment is executive. Mr Lee Ghai Keen will manage the overall operations of the Group.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer
Professional qualifications
Bachelor of Science degree in Mechanical Engineering from the University of Glasgow, United Kingdom
Master of Business in IT degree from the Royal Melbourne Institute of Technology, Australia
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
No
Conflict of interests (including any competing business)
No
Working experience and occupation(s) during the past 10 years
Ghai Keen has been with the Company since March 1998 and was appointed to his current position on 1 January 2021. In the course of the current year, Ghai Keen has been overseeing the Group's global operations, in addition to providing leadership to the Group's R&D efforts and programmes. Prior to being the COO, Ghai Keen led a large group of R&D engineers across the Group's design centres in Singapore, Malaysia, China and the USA. He is also responsible for the Life Sciences, Safety & Security and Building Automation products, Industrial IOT and Industrial Products businesses and operations in Singapore, Malaysia, China and the USA of the Group.
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Venture Corporation Limited
- 25,000 ordinary shares
- 55,000 share options pursuant to the Venture Corporation Executives Share Option Scheme 2015
- 97,000 Unvested Restricted Shares pursuant to the Venture Corporation Restricted Share Plan 2011
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
V-Design Services (M) Sdn. Bhd.
Present
Venture Corporation Limited
Advanced Instrument Pte. Ltd.
Advanced Products Corporation Pte Ltd
GES (Singapore) Pte Ltd
GES Manufacturing Services (M) Sdn. Bhd.
GES Manufacturing Services (M) Sdn. Bhd. Singapore Branch
Munivac Sdn. Bhd.
Pintarmas Sdn. Bhd.
Shanghai GES Information Technology Co., Ltd
Technocom Systems Sdn. Bhd.
Univac Design & Engineering Pte Ltd
Univac Precision, Inc.
Venture Design Services Inc.
Venture Electronics International, Inc.
Venture Enterprise Innovation, Inc.
Venture Electronics (Shenzhen) Co., Ltd
Venture Electronics Services (Malaysia) Sdn. Bhd.
Venture Electronics Solutions Pte Ltd
Venture Electronics Spain S.L.
VIPColor Technologies USA, Inc.
VM Services, Inc
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
No
If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange
Not applicable.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
Not applicable.