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Two new independent directors replace resigning director on Axington's board
A RE-DESIGNATION, a resignation, and two new appointments have reshaped the board of Catalist-listed Axington, which has seen tumult since cousins Nelson Loh and Terence Loh became controlling shareholders earlier this year.
The changes, announced on Friday, took effect the same day.
The resignation of five directors in August left Axington with a two-member board. Of these two, independent director Roberto Dona has been re-designated as non-executive chairman, and will be appointed a member of the remuneration committee.
Independent director and remuneration committee chairman, Low Junrui, has resigned "in order to facilitate board renewal and focus on primary work commitments", said Axington. He took up the board position in July.
Two new independent directors have been appointed, taking the total board membership up to three. All three board members will be on the remuneration, nominating, and audit committees.
They are Teo Choon Kow, also known as William Teo, who will also be appointed as chairman of the remuneration committee, and Ang Chiang Meng, who will also be appointed as chairman of the audit committee.
Mr Teo, 73, retired in 2004 and has since been "focusing on his independent directorships in Singapore-listed companies and on other commitments".
Mr Ang, 35, is a managing partner in consulting firm Argile Partners and was previously a restructuring professional with Borrelli Walsh.