Change - Announcement of Appointment::Re-designation of Independent Director to Chief Executive Officer

Issuer & Securities

Issuer/ Manager
PSL HOLDINGS LIMITED
Securities
PSL HOLDINGS LTD - SG1CC8000000 - BLL
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
24-Oct-2019 17:46:49
Status
New
Announcement Sub Title
Re-designation of Independent Director to Chief Executive Officer
Announcement Reference
SG191024OTHR7HQX
Submitted By (Co./ Ind. Name)
Stephen Leong, BBM
Designation
Vice Chairman and Executive Director
Description (Please provide a detailed description of the event in the box below)
Re-designation of Independent Director to Chief Executive Officer

Additional Details

Date Of Appointment
24/10/2019
Name Of Person
Lee Chee Tak
Age
54
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The board of directors ("Board" or "Directors"), having considered the recommendation of the Nominating Committee and assessment of Mr Lee Chee Tak's qualifications and experience, currently the Company's Independent Director, is of the view that the re-designation of Independent Director to Chief Executive Officer of PSL Holdings Limited (the "Company", and together with its subsidiaries, the "Group") is appropriate.
Whether appointment is executive, and if so, the area of responsibility
Executive. Area of responsibility as follows: -

a) To act as the overall in-charge of the financial and accounting operations, control and supervisory head responsible to the Board of the Directors, with direct reporting line to the Executive of the Company. He is expected to play a leadership role and provide effective support in financial and accounting matters with a view towards achieving the business objectives of the Company;

b) To manage the Company's cash flow and facilitate financial forecasting. He would develop a reliable cash flow projection process and reporting mechanism that includes minimum cash threshold to meet operating needs. He would initiate appropriate strategies to enhance cash positions, including the handling of banking relationships to optimize credit opportunities;

c) To oversee the budgeting process, including monitoring the implementation and progress of approved budgets, and present financial metrics both internally and externally;

d) To assist in facilitating and executing M&A projects, including the pre- and post-integration work;

e) To assist the Board in keeping the operations of the Group under constant review and presenting to the Board periodic statements, accounts, reports and statistics showing the progress and financial performance of the Group;

f) To assist the Board of the Company in making plans and developing business strategies for the future development and growth of the Group;

g) To play a leading role in working with Executive to oversee corporate governance and compliance matters and exercise his best endeavor to procure the Company's compliance with all relevant laws and regulations, particularly in financial and accounting matters. For avoidance of doubt, such compliance should be applied to, but not limited to, Singapore Companies Act, Singapore securities laws, the Singapore Take-over Laws and Regulations, listing rules and regulations of the SGX-ST, Singapore Financial Reporting Standards, the memorandum of association and bye-laws of the Company, and all other applicable law, rules, regulations, guidelines, and practice notes which are binding on or applicable to the Group or the Executive including, without prejudice to the generality of the foregoing, the Company s listing undertaking to the SGX-ST, and the Executive's undertaking to the SGX-ST;

h) In pursuance of his duties hereunder perform such services for any Group Company and accept such offices in such offices in such Group Company as the Board may from time to time reasonably require; and

i) At all times keep the Board promptly and fully informed of all matters relating to or in connection with the performance and exercise of his duties and powers under this Agreement.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer
Professional qualifications
Diploma in Business Studies / Ngee Ann Poly
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
Nil
Conflict of interests (including any competing business)
Nil
Working experience and occupation(s) during the past 10 years
March 1994 - April 2016
Super Group Ltd., Executive Director
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?
No
# 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)
Super Group Ltd., Executive Director
Present
Nil
(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?
Yes
If Yes, Please provide details of prior experience
Mr Lee Chee Tak is currently an Independent Director of the Company.