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Fortune Oil reveals raft of board changes

By BFN News | 04:10 PM | Wednesday 28 April, 2010

Fortune Oil has unveiled a raft of board changes. Chief executive Li Ching will relinquish the role at the annual general meeting but will remain as an executive director. Tee Kiam Poon will takeover as CEO. Tee joined Fortune Oil as development director a year ago. Deputy CEO John Pexton will retire from the board at the AGM and will be leaving the company at the end of June to take up new employment in Singapore. Executive directors Gong Min, Tian Jun and Ye Qing will retire from the board at the AGM and will not seek reappointment. They will remain in their current management roles and as respective directors of Fortune Oil's China operations. Paul Kwong, currently financial controller, will succeed Stanley Chau as group financial controller. Chau has resigned due to family reasons. It is the intention of the company to look for a suitable candidate for the role of chief financial officer whose main duties will, amongst others, be to focus on investor relations, corporate financing, strategic planning, regulatory reporting and corporate development including M&A activities. A recent business venture with Daniel Chiu means that Wang Jin Jun is no longer an independent director. The company intends to seek more independent directors to strengthen its corporate governance. Story provided by Business Financial Newswire

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