Stanley Thai’s daughter Cecile quits as Supermax director after boardroom disagreements

 

Supermax Corp Bhd said Cecile Jaclyn Thai resigned as a non-independent, non-executive director because of ‘disagreement with the board on several matters’. (Twitter pic)

PETALING JAYA: Cecile Jaclyn Thai, the daughter of Supermax Corp Bhd founders Stanley Thai and Cheryl Tan, resigned yesterday as non-executive director of the group after a series of disagreements with the board.

“Ms Cecile Jaclyn Thai expressed a dissenting voice on several matters discussed at the board meetings. However, the decision was carried by majority vote,” the company said in a filing with Bursa Malaysia today.

The board confirmed Cecile had been a dissenting voice on several matters discussed at board meetings but her comments “had been taken into account”.

“The company’s board committees and board meetings do not stifle the voice of any director and for matters discussed, the majority vote carries the decision,” the group stressed in its filing.

Stanley Thai.

Cecile, 35, was appointed as executive director on Jan 2, 2018. She was then re-designated as a non-independent, non-executive director on Feb 28, 2022. The filing indicated that she holds 211,258 shares.

She holds an economics degree from Northwestern University and a Master of Business Administration (MBA) from the University of Chicago in the US.

Cecile previously worked at Mercer Investments, providing investment consulting services to Fortune 500 corporations throughout the US, according to the company’s website.

Stanley, who is executive chairman, and his wife control a 38.37% stake in the company. They founded the Supermax Group in 1987 as a humble trading business distributing latex gloves.

In 1989, they started their first manufacturing facility and have since built it into a leading international manufacturer, distributor and marketer of medical gloves. Supermax currently exports to over 160 countries worldwide.

Supermax, which has 11 manufacturing plants in Malaysia, produces up to 24 billion pieces of gloves per year, meeting approximately 12% of the world demand for latex examination gloves.

Supermax shares rose 2.11% or two sen to close at 97 sen today, giving it a market capitalisation of RM2.63 billion. - FMT