See also: Nanofilm's COO quits, less than two months after CEO; earnings down 3.1% on plant expansion costs
He was referring to the period when Tan was on sabbatical leave due to personal reasons. Ho revealed that when Tan returned from his sabbatical leave, the personal issues were resolved, but “that changed his [Tan’s] thinking in terms of what's the long term, working arrangement. Because he's 59 years old. I think he's also wanting to take [more of] a backseat.”
Ho also added Nanofilm respected Tan’s desired requirements and worked with him to explore various roles, but was not successful in coming to an agreement, leading to Tan’s departure.
“Having carefully considered the options discussed, Mr Ricky Tan decided to pursue other opportunities outside of the group,” the company adds.
Ho then revealed that as Nanofilm considered the COO role “redundant” with its reorganisation, the company will not be looking for a replacement.
Currently, executive chairman Dr Shi Xu is holding the position of interim CEO, while the group searches for a replacement.
At the earnings call, the company management reiterates that the second half will be better, due to a ramp up in new products. The second half is also seasonally a busier one.
As at 1.30 pm, shares of Nanofilm traded at $4.38. It dropped to as low as $4.05 at one point, from previous close of $5.97. Nanofilm priced its IPO last year at $2.59.
