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VibroPower: 'Misalignment of expectations' behind financial controller resignations
VIBROPOWER Corp, a manufacturer and supplier of customisable power generator sets, said that the recent string of resignations at its financial controller position was due to "misalignment of expectations between management and the respective financial controllers on their job requirements and performance".
"In order for the group's financial controller to effectively carry out the scope of work assigned to this designation, he/she must have a full understanding of the board's strategic direction as well as the detailed operational aspects of the company's business," VibroPower said in response to a Business Times article that mentioned the resignations.
On Dec 12, VibroPower said that Koh Beng Chuan had resigned as the firm's group financial controller after he joined in Oct 17. Mr Koh had replaced Terence Liew Zi Liang, who was appointed in February 2017. Mr Liew had in turn replaced Thed Tian Jee, who resigned after less than a year with the company.
In a Singapore Exchange (SGX) filing on Tuesday, the company said there are "no unusual reasons or circumstances for the resignation of group financial controllers".
The company added that acting group financial controller Sia Huai Peng has been with the company since 2011, and was the group financial controller from 2011 to 2016. Management is "confident" that Ms Sia is "fully capable of discharging her duties", VibroPower said.
The company said that it has also taken ads, and approached recruitment platforms and head hunters to find a suitable replacement.
In June this year, the company was placed on SGX's watch-list for possible delisting as it failed to meet the bourse's requirement of maintaining a trading price of 20 Singapore cents and a market cap of S$40 million.
The counter last traded down 23.6 per cent to S$0.113 a share on Friday.