Change - Announcement of Cessation::CESSATION OF CHIEF EXECUTIVE OFFICER
Issuer & Securities
ADDVALUE TECHNOLOGIES LTD
ADDVALUE TECHNOLOGIES LTD - SG1I67883666 - A31
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
CESSATION OF CHIEF EXECUTIVE OFFICER
Submitted By (Co./ Ind. Name)
DR CHAN KUM LOK COLIN
CHAIRMAN AND CEO
Description (Please provide a detailed description of the event in the box below)
Cessation of Dr Chan Kum Lok Colin as Chief Executive Officer of the Company
Name Of Person
Chan Kum Lok Colin
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
The Board has accepted the recommendation by the NC for the planned rotation of the positions of Executive Directors as proposed by Dr Chan Kum Lok Colin to the NC for him to relinquish his position as CEO of the Company but to continue with his appointment as Executive Chairman and for Mr Tan Khai Pang to assume the role as CEO with effect from 1 January 2022.
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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chairman and CEO
Role and responsibilities
Formulate vision and mission. Develop strategic objectives and overall management of the company. Responsible for the restructuring and transforming the Group to be a leading global satellite communications company.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
21,640,000 ordinary shares in the Company
Past (for the last 5 years)
Dr Chan is a director of all the subsidiaries of the Group, except for Revere Space Inc