KUALA LUMPUR (March 1): Catcha Digital Bhd has appointed major shareholder and co-founder Patrick Ykin Grove as its new chairman, effective from Thursday (March 2).

In a statement on Wednesday, Catcha Digital said Grove, who currently sits on its board as a non-independent non-executive director, is a seasoned entrepreneur and investor with extensive experience in the digital media and technology industry, adding that over the last 15 years, he has founded and taken six companies from start-ups to initial public offerings.

“Patrick also has extensive experience as a listed company director, and was previously the chairman of ASX (Australian Securities Exchange)-listed iProperty Group, which was acquired by News Corp’s REA Group for approximately RM2.5 billion, and ASX-listed iCar Asia, which was acquired by Carsome for approximately RM850 million,” the company added.

According to Catcha Digital's 2021 annual report, Grove had a 43.75% indirect stake in the company via Catcha Group Pte Ltd, which holds 58.91 million shares.

Grove's appointment as the chairman follows the resignation of the digital media company’s former chairman Datuk Larry Gan Nyap Liow @ Gan Nyap Liou, who stepped down as the independent non-executive chairman effective from Wednesday.

Commenting on his exit, Gan noted that in line with the code on corporate governance’s best practice limiting independent directors to nine years of service, he described his departure as very timely as it makes way for the next director.

Shares in Catcha Digital closed unchanged at 19 sen on Wednesday, giving the company a market capitalisation of RM25.58 million.