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Pine Capital Group names nonexecutive chairman

Singapore's Pine Capital Group Ltd. named Tomi-Jae Wanlun Tjio as nonexecutive chairman, effective March 20.

The company redesignated Tomi-Jae Wanlun Tjio, who was an independent director, as nonexecutive chairman. He will also remain as independent director.

Tomi-Jae Wanlun Tjio replaces Chong Chee Hoong, who resigned as independent director and acting nonexecutive chairman, effective March 19.

In addition, Ling Chung Yee Roy resigned as lead independent director, while Wee Heng Yi, Adrian was appointed as an independent director, both effective March 19.

In February, Jessie Sun May Gze, Pine Partners Pte Ltd. and JMO Pte Ltd., who collectively hold more than 50% of the shares of the company, informed the board of their intention to hold an extraordinary general meeting to remove former interim CEO and executive chairman of Pine Capital, Tan Choon Wee, as well as Chong and Ling, as directors of the company.

The company noted that it has been searching for a suitable candidate for CEO and executive director, meanwhile, the board will assist with the management of the company.