Singapore’s Ezra Holdings Limited announced that its Executive Director, Tay Chin Kwang, will be stepping down on 1 March 2014.
“It’s the Group’s efforts to comply with the Code of Corporate Governance of having Independent Directors make up at least half of the Board. He will continue to serve as an Advisor to the Board,” said Ezra, the offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry.
Tay was appointed to Ezra’s Board on 12 July 2007 and served as the Group’s Finance Director. He was instrumental in setting the strategic direction of the Group and executed many key corporate actions, such as the acquisition of Aker Marine Contractors in 2011, the issuance of the US$500 million multi-currency debt issuance programme in August 2012, as well as the listing of Ezra’s Marine Services division, TRIYARDS, on the Mainboard of SGX in October 2012. He was re-designated as an Executive Director on 1 November 2013, to focus on building strategic partnerships and joint ventures, and will continue this focus after stepping down.
“I would like to express my deepest appreciation to Mr Tay for his tremendous contributions to the Board of Ezra. It has been a privilege to have worked with him – his insights have been invaluable, and I am glad that he will remain in Ezra to oversee strategic partnerships and joint ventures,” said Koh Poh Tiong, Chairman of Ezra.