Trek 2000's Henn Tan steps down as chairman, becomes the group's consultant

TREK 2000 announced late on Friday night that Henn Tan has stepped down from his positions in the company as chairman, chief executive and executive director, effective immediately.

Trek 2000 said it intends to appoint him, instead, as the group's consultant for a three-year period, to advise the group on matters relating to, among other things, general strategic and business planning and stakeholder management and administration.

"The board is of the view that it is in the commercial interests of the group to retain the services of Mr Henn Tan as a consultant of the group with his years of valuable experience of the company, knowledge of the industry and his connection and relationship with customers, suppliers, stakeholders and investors.

"Mr Henn Tan will assume the role of chairman emeritus of the group with effect from May 25, 2018," the company said in an exchange filing.

Mr Tan will be succeeded by Khor Peng Soon as independent non-executive chairman. With such an appointment, the position of lead independent director is no longer required and Mr Khor will relinquish this position, Trek 2000 said.

The group added that Foo Kok Wah has resigned from his position as the group's president of operations, sales and customised solutions division.

Trek 2000 made its announcement after the market had closed, with its counter ending Friday at 15.5 Singapore cents, down 0.64 per cent.