KUALA LUMPUR: HB Global Ltd (HGL) executive director Lee Ping Wei has stepped down after seven months at the helm.
In a statement today, the company said Lee has repeatedly failed to dedicate adequate time and resources towards the company, resulting in unacceptable performance as expected from his position.
The board has no choice but to accept Lee's voluntary resignation effective 18 August 2021.
Following that, Lee will cease any relationship with HGL, whether as a principal and agent or employer and employee.
He will also no longer have the authority to act, represent, or bind the company in dealings, negotiations, and discussions.
"Any form of communication with Lee shall not be taken to be related to the HGL," the company's statement said.
Further, the HGL board wishes to re-affirm its priority to look for the right candidate that will help to ensure the sustainability of the company's growth strategies in the high-growth sector.
The board is currently in the final stages of appointing the right person to replace Lee.
In the meantime, there will be minimal disruption to its operations with its continuity plan in place.
HGL remains committed to its diversification strategy into the provision of 5G infrastructure for the telecommunications industry.