LCD to hold talks with new shareholder on appointing CEO

LCD Global Investments said its board of directors will be discussing with its new majority shareholder JTrust Asia whether a new chief executive officer should be appointed.

"The Board and JTrust Asia note further that, as a matter of corporate governance, any decision relating to the strategy or business of the company or the appointment of any senior member of management will have to be made by the Board as a whole, and not just the directors nominated by JTrust Asia," it added.

Any name change for LCD will also require the approval of shareholders at a general meeting, the group said. LCD made these comments in a filing with the Singapore Exchange following an open letter issued by a Hong Kong-based institutional investor last Friday calling for greater clarity from JTrust Asia about its intentions for LCD.