Sateri appoints Tey Wei Lin, currently an executive director and acting CEO of the company, as its new CEO, effective March 18
March 17, 2014
– The Board announces that with effect from 18 March 2014, Mr. TEY Wei Lin, an Executive Director and the acting Chief Executive Officer, will be appointed as the Chief Executive Officer of the Company. Mr. Tey shall remain a member of each of the Remuneration Committee, the Nomination Committee and the Executive Committee, and an authorised representative of the Company.
The board of directors (the “Board”) of the Company announces that with effect from 18 March 2014, Mr. TEY Wei Lin (“Mr. Tey”), an Executive Director and the acting Chief Executive Officer, will be appointed as the Chief Executive Officer of the Company. Mr. Tey shall remain a member of each of the Remuneration Committee, the Nomination Committee and the Executive Committee, and an authorised representative of the Company.
Mr. Tey, aged 42, was appointed as a Non-executive Director of the Company on 14 June 2010, subsequently re-designated as an Executive Director of the Company on 27 March 2012, and appointed as the acting Chief Executive Officer on 7 September 2012. Mr. Tey is the president of RGE Pte Ltd, a company which oversees a group of companies focused on resource-based manufacturing industries (the “RGE group of companies”) and has held senior management positions with the RGE group of companies since 2001. He is a director and a responsible officer (pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)) of Pacific Eagle Asset Management Limited. From 1995 to 2000, Mr. Tey worked with GIC Real Estate, the real estate investment arm of the Government of Singapore Investment Corporation, and his last position with GIC Real Estate was vice president. Mr. Tey graduated with a first class honors bachelor of business administration degree from the National University of Singapore in 1996.
Save as disclosed herein, Mr. Tey has not held any other directorships in any other listed companies in Hong Kong or overseas during the past three years.
Mr. Tey has entered into a director’s service contract with the Company. He does not have a specific term of appointment, and shall be subject to the retirement and re-election provisions of the Company’s Bye-laws and any other applicable laws and regulations, where the Company shall be entitled to terminate his appointment in accordance with the provisions of the Company’s Bye-laws or the provisions of any law, appointment letter or regulation. He shall continue to be entitled to a director’s fee of HK$500,000 for the year ending 31 December 2014. Mr. Tey will enter into a Chief Executive Officer’s service contract with the Company. Mr. Tey’s remuneration will be approved by, and subject to annual review of, the Remuneration Committee of the Company, and determined with reference to his duties, responsibilities and prevailing market conditions.
Save as disclosed above and as of the date of this announcement, Mr. Tey does not have any relationship with any Directors, senior management, or substantial or controlling shareholders of the Company, nor does he have any interest in the shares of the Company which is required to be disclosed pursuant to Part XV of the Securities and Futures Ordinance. Mr. Tey is not aware of any other matters that are required to be disclosed pursuant to paragraphs 13.51(2)(h) to 13.51(2)(v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or any other matters that need to be brought to the attention of the shareholders of the Company.
By Order of the Board
Sateri Holdings Limited
John Jeffrey YING
Hong Kong, 17 March 2014
As at the date of this announcement, the Board comprises Mr. TEY Wei Lin (Acting Chief Executive Officer) as Executive Director; and Mr. John Jeffrey YING (Chairman), Mr. Jeffrey LAM Kin Fung, Mr. David YU Hon To, Mr. LIM Ah Doo and Mr. LOW Weng Keong as Independent Non-executive Directors.