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S i2i founder BK Modi back as chairman
S i2i founder BK Modi is back as non-executive chairman of the handset maker and telco two years after handing the reins to his son, the company announced late Tuesday.
"The company would be able to gain much from Dr BK Modi's leadership, knowledge, skills, experience and vision to deliver the strategy for the growth and turnaround of the company," the loss-making company said in a statement.
Dr Modi, who holds a combined deemed interest of about 26.5 per cent in S i2i with his children, resigned from the board of S i2i in November 2013. He handed the chairmanship of the company to his son, Dilip Modi, at that time as part of the company's succession planning.
Mr Dilip Modi resigned from the board in March 2015, citing tax purposes.
Dr BK Modi's appointment pushes the independent members of the board back into the minority. The other members of the board now comprise lead independent director Thomas Henrik Zilliacus, independent director Hanif M Dahya, non-independent and non-executive director Ashok Kumar Goyal and chief executive Maneesh Tripathi.
S i2i, which was placed on the Watch List in March following three years of losses, last traded at 31 Singapore cents a share on Tuesday.