HONG KONG — Hong Kong exhibition group Golden Harvest has thrown a bone to CK Phoon, the topper it fired Dec. 21, making him a non-executive director.
But independent non-executive director Paul Ma has resigned in protest at Phoon’s dismissal as executive director and managing director.
The reason for Phoon’s ouster was revealed in a stock market filing, which said that some directors were dissatisfied with his performance.
This was likely caused by a shift in ownership.
Phoon’s contract was renewed in August but his role was effectively taken over by Wu Kebo, chairman of Chinese movie production and talent management group Chengtian that in October bought Golden Harvest founder Raymond Chow’s 25%.
The stock market filing added: “Mr. Phoon has acknowledged that there is a change in the management style of the company due to the change in members of the board.”
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Documents also reveal that Golden Harvest considered waiting to remove Phoon until later this month, after a Singapore court hears a case arising from the winding up of Golden Harvest’s joint venture with Village Roadshow.