More boardroom changes expected at The Star
M KrishnamoorthyPublished: Jan 22, 2014 9:59 AM | Updated: Jan 22, 2014 11:37 AM
As expected, the changes in The Star’ s boardroom with the election of a new leadership in MCA following the party polls last month have already started to take place.
As expected, the changes in The Star’s boardroom with the election of a new leadership in MCA following the party polls last month have already started to take place.
One of the first casualties is executive deputy chairperson (EDC) Vincent Lee.
He has served notice of his intention to resign at the last board of directors meeting held about two weeks ago. According to sources close to the boardroom, he tendered his resignation at the end of December, days after the party elections.
When asked to comment on the matter, Lee replied in an email: “I cannot confirm it is true until Bursa (Malaysia) has been informed.”
However, it is unlikely that his position - according to a source - will be restored, as major shareholders have questioned the wastage of paying the EDC about RM8 million a year.
As EDC and director, the contract usually provides a provision for a three months’ resignation notice, and for Lee this is expected to be March 31, 2014.
Effectively, Bursa Malaysia is expected to be informed three months from the time Lee has served his intention to resign.
In addition to Lee, a few directors aligned to past president Chua Soi Lek are expected to resign.
The other person who is tipped to quit is former MCA leader Fong Chan Onn, the chairperson of the party-owned media conglomerate.
CEO Wong to consolidate position
With Lee’s resignation, he is expected to focus more on his advertising business, according to friends close to him.
Lee joined Star Publications as a non-independent non-executive director on May 24, 2010 and was re-designated executive deputy chairperson on Jan 3, 2011.
“More directors who were close to Chua are also expected to step down while some minor changes are expected in some top management positions,” said a source.
However, Wong Chun Wai (right in photo) who was appointed as chief executive officer, is expected to consolidate his position as he and new MCA president Liow Tiong Lai studied together at Universiti Kebangsaan Malaysia (UKM).
Having worked in The Star for three decades, Wong on Monday initiated his first town hall-style meeting with the staff to build better rapport with the employees.
His expertise is much needed in arresting the declining newspaper readership at this critical juncture when the traditional media is being challenged by online media.
One of the first casualties is executive deputy chairperson (EDC) Vincent Lee.
He has served notice of his intention to resign at the last board of directors meeting held about two weeks ago. According to sources close to the boardroom, he tendered his resignation at the end of December, days after the party elections.
When asked to comment on the matter, Lee replied in an email: “I cannot confirm it is true until Bursa (Malaysia) has been informed.”However, it is unlikely that his position - according to a source - will be restored, as major shareholders have questioned the wastage of paying the EDC about RM8 million a year.
As EDC and director, the contract usually provides a provision for a three months’ resignation notice, and for Lee this is expected to be March 31, 2014.
Effectively, Bursa Malaysia is expected to be informed three months from the time Lee has served his intention to resign.
In addition to Lee, a few directors aligned to past president Chua Soi Lek are expected to resign.
The other person who is tipped to quit is former MCA leader Fong Chan Onn, the chairperson of the party-owned media conglomerate.
CEO Wong to consolidate position
With Lee’s resignation, he is expected to focus more on his advertising business, according to friends close to him.
Lee joined Star Publications as a non-independent non-executive director on May 24, 2010 and was re-designated executive deputy chairperson on Jan 3, 2011.
“More directors who were close to Chua are also expected to step down while some minor changes are expected in some top management positions,” said a source.
However, Wong Chun Wai (right in photo) who was appointed as chief executive officer, is expected to consolidate his position as he and new MCA president Liow Tiong Lai studied together at Universiti Kebangsaan Malaysia (UKM).Having worked in The Star for three decades, Wong on Monday initiated his first town hall-style meeting with the staff to build better rapport with the employees.
His expertise is much needed in arresting the declining newspaper readership at this critical juncture when the traditional media is being challenged by online media.
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