News.
Change - Announcement Of Cessation As Chief Executive Officer
BackNov 05, 2021
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Nov 5, 2021 19:07 |
| 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. |
