A major boardroom reshuffle appears to be in the offing for smart chipmaker Iris Corporation Bhd as it looks to exit its recent troubles.
A source says the board is considering two key decisions that may signal a new course for the company – the possible departure of CEO and founder Datuk Tan Say Jim and the imminent arrival of a well-connected investor, who is proposing to inject RM35 mil into the company.
“These are bold moves. It might not be liked by everyone in the company, but it could be an important turning point in Iris’ restructuring plans. If it goes ahead, it could be the catalyst that the company needs to revive its fortunes,” says the source.
It is believed that Tan, who is also group MD, had told Iris chairman Tan Sri Razali Ismail that he wants to resign from the board of directors. Subsequently, at a meeting this month, the chairman informed the board of Tan’s readiness to step down. Tan was not present at the meeting.