Change - Announcement of Cessation::Cessation as 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 Cessation
Date &Time of Broadcast
05-Nov-2021 19:07:04
Status
New
Announcement Sub Title
Cessation as Chief Executive Officer
Announcement Reference
SG211105OTHRDEJP
Submitted By (Co./ Ind. Name)
Devika Rani Davar
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Cessation of Mr Wong Ngit Liong as Chief Executive Officer

Additional Details

Name Of Person
Wong Ngit Liong
Age
80
Is effective date of cessation known?
Yes
If yes, please provide the date
01/01/2022
Detailed Reason (s) for cessation
As part of Venture Corporation Ltd's (the Company) integrated long-term succession planning of its top leadership, Mr Wong Ngit Liong (Mr Wong NL) will relinquish his position as CEO, passing the baton to the successor CEO, Mr Lee Ghai Keen.

After stepping down as CEO, Mr Wong NL will undertake a defined executive role. He will primarily remain accessible to support Mr Lee Ghai Keen and the senior management team. Mr Wong NL will also drive the Group's strategic direction and long-term growth, enabling the Company to leverage on his enduring institutional knowledge, connectivity and latent business acumen.

Mr Wong NL remains a Director of the Board and continues to serve as the Executive Chairman, providing stewardship and strategic direction to the Board.
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
20/01/1989
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
6
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chairman of the Board
Member of the Nominating Committee
Chairman of the Investment Committee
Role and responsibilities
As above
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?
Yes
Shareholding Details
Venture Corporation Limited
- 20,445,219 ordinary shares
- 65,000 share options pursuant to the Venture Corporation Executives Share Option Scheme 2015
- 102,000 Unvested Restricted Shares pursuant to the Venture Corporation Restricted Share Plan 2011
Past (for the last 5 years)
GES Manufacturing Services (M) Sdn. Bhd.
GES Manufacturing Services (M) Sdn. Bhd. Singapore Branch
Munivac Sdn. Bhd.
V-Design Services (M) Sdn. Bhd.
Venture Electronics International, Inc.
Present
Venture Corporation Limited
Advanced Instrument Pte. Ltd.
Advanced Products Corporation Pte Ltd
Cebelian Holdings Pte Ltd
GES (Singapore) Pte Ltd
Pintarmas Sdn. Bhd.
Technocom Systems Sdn. Bhd.
Univac Precision Engineering Pte Ltd
Venture Electronics Services (Malaysia) Sdn. Bhd.
Venture Electronics (Shanghai) Co., Ltd
Venture Electronics Solutions Pte Ltd
Venture Enterprise Innovation, Inc.
VM Services Inc.