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Libra's CEO resigns, stays on as chairman amid board reshuffle
THE chief executive of Catalist-listed building solutions provider Libra Group quit on Friday, according to a disclosure filed with the bourse in the evening.
Chu Sau Ben, 54, stepped down after almost four years in the role, but will remain the executive chairman of the company, which lost its ability to continue as a going concern in August after its wholly-owned subsidiaries were slapped with claims for millions of dollars from creditors.
Company sponsor RHT Capital is satisfied that there are no material reasons for Mr Chu's departure "save for his personal matters" but did not elaborate on what these matters are, according to the filing.
Mr Chu, who holds a 10.5 per cent stake in Libra Group, will be replaced by another shareholder, executive director Liu Yang, who owns 15.7 per cent of the company.
Ms Liu, 31, has been an executive director of the company since August 2019, and the board said in a separate announcement that the directors are "of the view that she has the requisite experience and capabilities" to assume her new position. She was most recently the director of privately-held company Success Consultings for close to three years, from 2016.
Meanwhile, 37-year-old Shawn Ow Tjin Ern, who holds an 11.7 per cent interest in the company, has been named a non-executive, non-independent director. The board of directors now comprises seven people, including three independent directors.
Trading in Libra Group shares has been suspended since August.