Malaysia’s largest owner of FPSOs and offshore support vessels, Bumi Armada announces that Tunku Ali Redhauddin ibni Tuanku Muhriz, an Independent Non-Executive Director will assume the office of Chairman of the Board of Directors of the Company following the request of Dato’ Sri Mahamad Fathil bin Dato’ Mahmood, to step down as the Chairman, at the conclusion of the 17 th Annual General Meeting of the Company tentatively scheduled for 18 June 2013 (“AGM”).
This is in line with the new 2012 Malaysian Code of Corporate Governance which recommends that the boards of public listed companies be headed by an independent chairman.
To allow for smooth transition and succession, Dato’ Sri Mahamad Fathil will remain on the Board as a Non-Independent Non-Executive Director.
Dato’ Ahmad Fuad bin Md Ali, who is due to retire by rotation at the next AGM pursuant to the Articles of Association of the Company, has also given notice that he does not wish to offer himself for re-election, and hence will cease to be Director and the Deputy Chairman of the Company upon the conclusion of the AGM. Dato Fuad wishes to pursue his other external personal/business interests and allow opportunities for younger professionals to succeed.