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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.