Geo Energy CEO Tung Kum Hon to retire on Dec 31

TUNG Kum Hon, the chief executive officer (CEO) of mainboard-listed Indonesian coal producer Geo Energy Resources since 2015, will step down from the top post on Dec 31, the company announced on Friday (Sep 16).

The 63-year-old, who holds 12 million ordinary shares in the company, will also relinquish his role as executive director of the company on the same day, it said in a bourse filing.

The company is now searching for a new CEO and will make an announcement when the appointment has been made, Geo Energy said.

In the bourse filing, the company did not give a reason for Tung’s retirement; it only declared that there are no unresolved differences in opinion on material matters between him and the board of directors.

Shares of Geo Energy closed down 1.3 per cent at S$0.38 before the announcement.