KUALA LUMPUR (June 12): Mi Technovation Bhd (KL:MI) announced on Friday the retirement of its executive director Heng Kok Lin.

Heng, 63, chose to not seek re-election at the semiconductor company’s annual general meeting and retired as a result, according to an exchange filing. He was the head of its material business unit operating globally under Accurus Scientific being spun off for a listing.

The unit, which mainly makes solderballs that connect a chip to a circuit board, accounts for about half of Mi Technovation’s earnings. The company mainly manufactures equipment such as die sorting machines for the semiconductor industry.

Following a succession planning at the unit, he is now serving as a “BU Fellow” to contribute across the group, “mentor emerging leaders, and support the continued integration of best practices across the business units”, according to its latest annual report.

Heng has over three decades of experience in the electronics and semiconductor industries. He also has in-depth expertise in printed circuit board assembly and semiconductor backend equipment and materials.

He holds a master’s degree in strategic marketing from the University of Wollonggong, Australia.

Mi Technovation’s shares were down by four sen or 0.8% to RM4.76 at noon market break, giving the company a market capitalisation of about RM4 billion. The stock has more than doubled since the year began.