THE trustee-manager of mainboard-listed Asian Pay Television Trust (APTT) on Friday (Jul 5) announced a major renewal of its board, with chief executive Brian McKinley to step down from his role on Jul 31.
He will be succeeded by chief financial officer Somnath Adak, who will become the new CEO from Aug 1. McKinley will also step down from the board from Jul 15 but will continue to support the trustee-manager as a consultant.
Both McKinley and Adak assumed their roles as CEO and CFO of APTT respectively in 2017.
The trustee-manager said: “Under their stewardship, APTT has navigated unprecedented times in Taiwan’s competitive telecommunications market, strengthening its balance sheet and debt management.”
With reduced debt levels and a stronger balance sheet, trustee-manager board chair Yong Lum Sung said APTT “is now in a stronger position to navigate an increasingly challenging and competitive environment” as compared to 2017.
He noted that APTT has also registered consistent broadband growth over the last few years, which has cushioned the impact of a declining cable TV business.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Added Yong: “While we regret that Mr McKinley will be stepping down, we are confident that Mr Adak will continue his predecessor’s good work and lead the trustee-manager as the new CEO. Mr Adak’s appointment reflects the trustee-manager’s effective succession planning.”
Annie Koh will take over Adak’s CFO duties and will be appointed financial controller of the trustee-manager with effect from Aug 1.
Koh is a chartered accountant of the Institute of Singapore Chartered Accountants and has 17 years of finance, banking and audit experience. She was formerly chief operating officer for the audit division of KPMG Singapore, managing mid-sized audits.
The trustee-manager said she will work closely with Miranda Cheng, CFO of the Taiwan Broadband Communications Group, which is APTT’s sole investment. Cheng, who has over 20 years of experience with the Taiwan Broadband Communications Group, will provide strategic financial insights to the trustee-manager.
As part of the trustee-manager’s board renewal process, three independent directors will be stepping down from the board with effect from Jul 15. They are Joanna Ong Joo Mien, Richard Tan Chung Yaw and Leong Shin Loong.
Stephen Ho Chiming and Calvin Zhang will be appointed as independent directors to the trustee-manager board with effect from Jul 15.
Both Ho and Zhang bring extensive telecommunications, media and technology sector and banking expertise to the board, said the trustee-manager.
Ho currently serves as independent director at three companies: Azeus Systems, Valuetronics and ceEntek. He was previously a managing director at DBS Bank in Singapore, Hong Kong, and Taiwan between 2001 and 2019.
Zhang is currently managing director at ApaH Capital, a hedge fund seeded by Blackstone Capital. Prior to this, he was managing director at Bank of America Merrill Lynch and JPMorgan, where he was head of Asia Pacific Telecom & Media. He also spearheaded the technology, media and telecommunications corporate finance advisory practice at McKinsey & Company in Hong Kong.
Units of APTT closed flat at S$0.077 on Friday, before the announcement.
