UOL Group independent director retiring after 16 years 'to facilitate board renewal'

UOL GROUP U14 independent director Low Weng Keong will retire on Jan 1, 2022, after more than 16 years with the mainboard-listed developer, the board announced on Wednesday (Dec 8).

The 69-year-old former country managing partner of Ernst & Young is leaving "to pursue his personal work commitments and to facilitate board renewal", the board said in a bourse filing.

He will be replaced as chairman of the nominating committee by non-executive independent director Samuel Poon Hon Thang, and as chairman of the audit and risk committee by non-executive independent director Sim Hwee Cher.

Low was also a member of the executive and remuneration committees. His departure will leave UOL's board with 9 members, including 4 independent directors in Singapore.

Having joined the UOL board in Nov 2005, Low was the oldest-serving director after chairman Wee Cho Yaw.

"The board would like to place on record its appreciation to Mr Low Weng Keong for his dedicated services and invaluable contributions to the group," the board added in its statement.

UOL shares shed S$0.03 or 0.42 per cent to S$7.11 on Wednesday, before the announcement.