Boardroom changes in KYM

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KUALA LUMPUR: KYM Holdings Bhd saw a slew of changes to its board of directors.

In a filing with Bursa Malaysia, the industrial paper packaging supplier said its non-independent and non-executive chairman Datuk Seri Dr. Isahak Yeop Mohamad Shar shall step down effective July 5, after helming the group for almost 16 years.

In addition, KYM founder Datuk Lim Kheng Yew has decided to retire on July 5 after almost four decades of service. He has been an integral part of the KYM group’s growth since 1982.

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“Lim Tze Thean assumed the positions of executive chairman and CEO in the interim to ensure smooth leadership transition,” KYM said.

The company also announced the resignation of two independent directors, namely Datuk Seri Ir. Mohamad Othman Zainal Azim and Datuk Seri Rahadian Mahmud Mohamad Khalil. Their resignations are in line with the mandatory 12-year tenure limit for independent directors.

It has also appointed Lee Li Choon as an independent director effective today.

KYM said the new line-up and changes in the boardroom reflected a total of five members of the board of directors and two female directors, representing 40% female representation.