HB Global: Failure to perform is the reason ED Lee Ping Wei resigns

HB Global Ltd clarified that its executive director Lee Ping Wei has resigned after seven months at the helm for poor performance.

Recall that a Bursa Malaysia filing dated Aug 18 has stated that Lee, 31, resigned from the company “due to other personal commitment which requires his full attention”.

On Aug 17, the company also announced that Keh Chuan Seng, 49, has been re-designated as executive chairman of HB Global from his previous post as “non-executive chairman”.

The HB Global board further explained that Lee during his brief tenure with the company has repeatedly failed to dedicate adequate time and resources towards the group, resulting in unacceptable performance as expected from his position.

“Pursuant thereto, the board has no choice but to accept Lee’s voluntary resignation effective Aug 18,” HB Global pointed out in a media statement.

Following his resignation, the China operational ready-to-serve food specialist said Lee would:

  • Cease to have any relationship with the group whether as a principal and agent or employer and employee; and
  • No longer have any authority to act, represent or bind the group in any dealings, negotiations, and discussions.

“Any form of communication with Lee shall not be taken to be related to the group,” HB Global noted. “Further, the board wishes to re-affirm its priority to look for the right candidate who will help to ensure the sustainability of the group’s growth strategies in the high-growth sector.”

The company said it is currently in the final stages of appointing the right candidate to replace Lee.

“In the meantime, there will be minimal disruption to the group’s operations now that the group’s continuity plan is in place,” assured HB Global. “The board also wishes to reiterate that HB Global remains committed in its diversification strategy into the provision of 5G infrastructure for the telecommunications industry.”

At the close of today’s trading, HB Global was up 0.5 sen or 1.79% to 28.5 sen with 10.29 million shares traded, thus valuing the company at RM219 mil. – Sept 6, 2021

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