AFTER THE conclusion of the upcoming AGM in April, Gary Yen, 40, will step down from his post as non-executive chairman of New Toyo International.
The official reason: "Retiring and not seeking re-election at the forthcoming Annual General Meeting."
Prior to becoming non-executive chairman, he was CEO. That was preceded by his stint as Chief Operating Officer.
Clearly, he was being groomed to take over the company.
He is none other than the son of the founder, Yen Wen Hwa, 66, who upon relinquishing the non-executive chairman's post in 2011 was succeeded by his son.
But what now with both father and son no longer managing the company?
Yen senior has four nieces and in-laws (aged between 48 and 52) and his 64-year-old wife working in various parts of the Group but there is some speculation that the family's combined 52% stake will, sooner or later, be up for sale.
That is worth about S$71 million based on the current market cap of New Toyo of S$136 million.
Adding to the speculation is the recently-announced appointment of David Lim Teck Leong, 58, as a non-executive director and independent director of the company.
He is the founder and managing partner of David Lim & Partners LLP, whose area of practice includes corporate finance, restructuring and mergers & acquisitions.
His expertise would come in handy if there is a takeover bid for the Yen family's stake -- and, by extension, the entire company.
In the meantime, New Toyo announced on 27 March 2014 that Angela Heng Chor Kiang, 55, would assume the post of executive chairman after the conclusion of the AGM in April.
It's a sudden jump up the corporate ladder for her, considering that she was not a board director prior to this or even listed among the senior management in the annual report of the past four years.
Since 2007, she has held the post of Head of Business Development (Special Projects). Prior to that, she was the President for the Asia Pacific region.
Interestingly, she was Deputy Chairperson of New Toyo from March 1997 to February 1999.
She joined the Group in the 1970s, and was instrumental in setting up of both the administration and accounts departments, according to the company.
Established in 1975, New Toyo has grown to become a leading provider of specialty packaging materials to the tobacco, food & beverage, wine, liquor and cosmetics industries in Asia Pacific.
Earnings-wise, it has been rock steady, at least in the recent years, and, as of end-2013, had cash on hand of about S$60 million and bank borrowings of S$35 million.
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