Koyo International (SGX:5OC) said independent non-executive chairman Wong Loke Tan will retire at the conclusion of its April 25 annual general meeting, according to a Wednesday filing on the Singapore Exchange.
Wong, who has been on the board since August 2016, will step down ahead of reaching a nine-year tenure limit. He will also cease to serve as chairman of the audit committee and as a member of both the nominating and remuneration committees.
Following his departure, the audit committee will fall below the required three-member minimum. The company said it plans to appoint a new independent director within two months, or no later than three months from the AGM date.
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