ecoWise deputy CEO Cao Shixuan voted out
Singapore
EXECUTIVE director and deputy chief executive officer of ecoWise Holdings has been ousted, after over 90 per cent of the votes cast wanted the 54-year-old out, according to shareholders who requisitioned for the removal.
This came as the company's extraordinary general meeting (EGM) convened on Thursday (April 14) to boot Cao Shixuan out with immediate effect and appoint Danny Oh Beng Teck, Gan Fong Jek and Tan Poh Chye Allan as new directors.
The statement from the company's 8 shareholders, who own about 11.3 per cent stake collectively and had requisitioned for the EGM, said that some 92.9 per cent of the votes cast supported the 4 resolutions concerning Cao's ouster and the appointment of the 3 directors.
In its regulatory filings on Thursday, ecoWise announced, however, that Cao had resigned with effect from Wednesday. Among Cao's reasons for quitting was that ecoWise's "operations will not be constantly disrupted by repeated EGMs". Also, Cao told the Catalist firm's sponsor that the unilateral action of the CEO Lee Thiam Seng calling for a trading halt, taking over the server and suspension of the key management staff were the other material reasons for his resignation.
The company's internal disputes came to the fore in June 2021 when Lee changed the locks of its server rooms and suspended Cao and some staff members, prompting Cao to make a police report about the incident.
Independent director Er Kwong Wah has also resigned, due to "health reasons". He chaired the nominating committee and was a member of the audit committee and the remuneration committee.
With Cao ousted, the directors should now work towards full compliance with the frontline market regulator's notice of compliance and facilitate resumption of trading in the environmental solutions provider's shares as soon as possible, said the shareholders who requisitioned for the removal.
Shares of the Catalist-listed company have been suspended since June 18, 2021. The counter last traded at S$0.078.
