Another director quits Axington board; two new independent directors appointed

A re-designation, a resignation, and two new appointments have reshaped the board of Catalist-listed Axington, which has seen tumult since cousins Nelson and Terence Loh became controlling shareholders earlier this year.

The changes, announced yesterday, took effect on 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 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 Mr Teo Choon Kow, also known as William Teo, who will also be appointed chairman of the remuneration committee, and Mr Ang Chiang Meng, who will also be appointed 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.

THE BUSINESS TIMES

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on November 21, 2020, with the headline Another director quits Axington board; two new independent directors appointed. Subscribe