Kitchen Culture board dismisses CEO over 'grave misconduct' affecting the company's business

KITCHEN Culture Holdings on Thursday said it terminated the employment of Lim Wee Li as chief executive officer (CEO) with immediate effect.

The board said in a bourse filing that it was of "reasonable opinion" that Mr Lim is in "gross default or grave misconduct" in connection with, or affecting the company's business.

The company has appointed executive director Lincoln Teo as interim CEO to assume Mr Lim's duties and responsibilities, as well as ensure the group's operations and businesses continue smoothly. Chief operating officer Quek Wey Lon and other key members of the management are intact, Kitchen Culture said.

The board on Wednesday passed a resolution to cease Mr Lim's appointment by a majority of director votes. Following his termination, Kitchen Culture will procure his resignation as a director of the company and all its subsidiaries according to the terms of his employment contract.

Kitchen Culture is in the business of supplying kitchen equipment. It ventured into the fintech industry last year through its partnership with Ooway Technology, which runs an artificial intelligence-based credit management platform.

In May 2021, it redesignated Ooway director Hao Dongting as its non-executive chairperson and Mr Lim as executive director. Mr Lim was previously the group's executive chairman.

Catalist-listed Kitchen Culture halted the trading in its shares on Wednesday afternoon, pending an announcement. Its shares last traded 1.2 per cent or 0.1 Singapore cent lower at S$0.08 on that day.