SUPERMAX Corp Bhd, the smallest of Malaysia’s Big Four glove maker, has chosen to distance itself from the “bullying and silencing” treatment that led to the stepping down of its founder’s own daughter from the company’s board after another director having submitted her advanced resignation notice.
With the company preparing to have its manufacturing operations in the US soon, Supermax said it would treat such opportunity to align with its global strategy and forward direction by reviewing and reshuffling its boardroom after independent non-executive director (INED) Sharon Sung Fong Fui, 48, tendered her resignation which will take effect on June 30.
“The company would like to inform that Sung’s resignation is purely due to her personal commitments and increased workload in another public listed company (she is also group chief financial officer and executive directors of Padini Holdings Bhd),” Supermax pointed out in a statement to defuse any misconception.
“Sung has been an invaluable member of the board by providing extensive knowledge and experience to help guide the company during her two years in the board.”
Sung’s resignation has come in the wake of non-independent and non-executive director Cecile Jaclyn Thai who quit the board of on April 17 over “disagreement with the board on several matters” as officially stated on Supermax’s Bursa Malaysia filing.
However, in her lengthy resignation letter dated April 16 which was sighted by theedgemarkets.com, she claimed there had been concerted attempts by Supermax’s board – including her own father and co-founder Datuk Seri Stanley Thai Kim Sim – “to act against corporate governance practices, punish dissent and silence transparency”.
Interestingly, Cecile has detailed out in her letter how disagreements erupted in November 2021 – a month before her father’s appointment as the group’s executive chairman took effect – when he stated his intention to remove her from the board following her opposition to his proposed purchase of a new aircraft for US$47.39 mil (RM210.32 mil).
Fast forward to Sung’s resignation, Supermax said its board will initiate a search for a replacement candidate who will play a part in enhancing that role.
“Further announcements will be made once a new member has been appointed,” the glove maker noted.
“The board would like to take this opportunity to reassure its stakeholders that Sung’s resignation will not have any adverse impact on the company’s operations. The company remains committed to its mission and will continue to work tirelessly towards achieving its objectives.”
At the close of today’s trading, Supermax was down 1 sen or 1.16% to 85 sen with 17.31 million shares traded, thus valuing the company at RM2.31 bil. – April 27, 2023
