KUALA LUMPUR (Oct 16): Kawan Food Bhd (KL:KAWAN) announced on Wednesday the redesignation of its independent non-executive director Lim Hun Soon @ David Lim, as its non-independent and non-executive chairman, effective immediately.

Lim, who was appointed to Kawan Food’s board as a director in October 2015, holds 10.14 million direct shares, representing a 2.9% stake in the group.

The redesignation follows the retirement of executive chairman Gan Thiam Chai on the same day, having serving the food product manufacturer since March 2010.

Gan will be bestowed the title of chairman emeritus and will remain an adviser to support the growth of Kawan Group and its subsidiaries, Kawan Food said in a stock exchange filing.

Gan, together with his wife Kwan Sok Kay, is the group’s largest shareholder through GFG (L) Foundation, holding a 36.07% stake.

In a separate filing, Kawan Food announced the appointment of Gan and Kwan’s daughter, Gan Ka Ooi, as a non-independent and non-executive director. She is currently head of research and development at Kawan Food, focusing on product innovation and food safety.

Two weeks ago, Kawan Food announced the closure of its manufacturing facility in China, Kawan Food (Nantong) Co Ltd, citing the impact of US tariffs and limited expansion opportunities.

Shares of Kawan Food fell 1.73% or three sen to close at RM1.70 on Wednesday, giving it a market capitalisation of RM599.6 million.