Change - Announcement of Appointment::Appointment of Co-Chief Executive Officer of Taiga Building Products Ltd.

Issuer & Securities

Issuer/ Manager
AVARGA LIMITED
Securities
AVARGA LIMITED - SG1K55001665 - U09
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
04-Jun-2020 08:06:03
Status
New
Announcement Sub Title
Appointment of Co-Chief Executive Officer of Taiga Building Products Ltd.
Announcement Reference
SG200604OTHR2MF8
Submitted By (Co./ Ind. Name)
Tong Ian
Designation
Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr Russell Permann ("Mr Permann"), the existing Chief Operating Officer and Executive Vice President Operations of Taiga Bulding Products Ltd., a subsidiary company of Avarga Limited ("Taiga"), as Co-Chief Executive Officer ("Co-CEO") of Taiga.

Additional Details

Date Of Appointment
01/01/2021
Name Of Person
Russell Permann
Age
43
Country Of Principal Residence
Canada
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
Mr Permann is currently the Chief Operating Officer and Executive Vice President Operations of Taiga.

The Nominating Committee of Taiga ("Taiga NC") had reviewed the qualifications and experience of Mr Permann and recommended his appointment, as part of the Group's leadership transformation exercise.

The Board of Avarga Limited has considered Taiga NC's recommendation and approved the appointment of Mr Permann as Co-CEO alongside Mr Trent Balog ("Mr Balog") effective from 1 January 2021.

Mr Balog will step down as the CEO and President of Taiga effective from 1 January 2021 as part of the Group's leadership transformation exercise and will serve as Co-CEO alongside Mr Permann, to facilitate an orderly succession process at Taiga. He will cease from the Co-CEO position on 31 December 2021 and remain involved with Taiga in a consulting role for a two-year period until 31 December 2023.

Mr Permann will take over as Taiga's sole CEO effective from 1 January 2022.
Whether appointment is executive, and if so, the area of responsibility
The appointment is executive. Mr Permann will be responsible for the overall management, operations and strategic direction of Taiga.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Co-CEO of Taiga
Professional qualifications
Bachelor of Arts in Political Science from the University of Calgary and an MBA from Athabasca University.
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
Chief Operating Officer and Executive Vice President Operations - Taiga Building Products Ltd.
Vice President, Western Canada, Envirofor & USA - Taiga Building Products Ltd.
Vice President, Prairie Region - Armtec Limited
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)
None
Present
None
(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