This article first appeared in The Edge Financial Daily on January 4, 2019 - January 10, 2019

KUALA LUMPUR: Following the retirement of its managing director and chief execuitve officer (CEO), Star Media Group Bhd announced yesterday that a temporary special committee, comprising three non-executive directors, will be set up to oversee the operations of the company.

In a filing with Bursa Malaysia, Star Media said it has identified the replacement for the CEO position but will only make the announcement in due course.

In the meantime, the operations of the company will be supervised by the temporary special committee consisting of Datuk Fu Ah Kiow, Datuk Dr Mohd Aminuddin Mohd Rouse and Chan Seng Fatt.

“The board wishes to emphasise that while the abovementioned directors undertake their role as oversight on the operations, they will as non-executive directors endeavour to act objectively at all times in the best interests of the company and shareholders,” it said in the filing.

On Nov 30 last year, Star Media announced that its group managing director and CEO Datuk Seri Wong Chun Wai had submitted his notice of retirement and will be relinquishing the two posts on Jan 1.

The 57-year-old will also be giving up his directorship in all subsidiaries of the company with effect from the same date.

Wong, who has been with the Star Media Group for 34 years, will remain with the company as its group adviser on editorial- and corporate-related matters.

Over at the stock market yesterday, shares of Star Media rose one sen or 1.49% to 68 sen, for a market capitalisation of RM501.76 million.