The Board of Directors of Chemical Industries (Far East) Limited has approved the appointment of Mr. Yeoh Beng Chai as Acting Chief Executive Officer on the recommendation of the Nominating Committee which had reviewed and considered Mr. Yeoh's background and experience. The appointment is executive. Mr. Yeoh is responsible for the operations of the Company. Working Experience is SIS'88 Pte Ltd. (2013-2016) - Senior Operations Manager Takasago International (S) Pte Ltd. (2016-2019) - Senior Operations Manager NSL OilChem Waste Management (Jan 2021-Aug 2021) - Plant Manager. Following current chief executive officer ("CEO") Mr. Yeo Sze Chiat's resignation, the Company initiated a comprehensive planning process to ensure continuity and minimize potential disruptions. The Company had previously communicated its plan to appoint an Acting CEO in the event a new CEO is not appointed by the end of March 2024. Mr. Yeoh is the ideal candidate for the role of Acting CEO as he is a key management personnel and has in-depth knowledge of the business of the Company. Mr. Yeoh's appointment will allow the Board more time to continue its search for a new CEO after Mr. Yeo departs on 31 March 2024. There will be a structured transfer of responsibilities to the Acting CEO, beginning with the annual
strategy and budgeting session this month, which will include the CEO, Acting CEO, key management personnel, and Board members. The objective of the session is to align the Company's business strategy, performance targets and business plan for the next 12 to 18 months. Under the guidance of the Board, the Acting CEO and the management team will implement the business plan pending the appointment of the new CEO, ensuring a clear understanding and direction of the Company's strategic goals. The Acting CEO brings more than two decades of essential experience in plant management and operations. He holds a Master of Business Administration degree from The University of Nottingham, a Master's degree in Science in Mechanical and Processing of Materials, and a Bachelor's degree in Mechanical and Production Engineering from Nanyang Technological University. Since joining the Company in August 2021, he has played a key role in enhancing plant operations and advancing sustainability efforts, overseeing safety, production, product quality, cost, and productivity.