KUALA LUMPUR (March 21): Revenue Group Bhd's Danny Leong Kah Chern will be stepping down as group chief executive officer effective May 23, some five months after assuming the position.

In a bourse filing on Tuesday (March 21) to announce the resignation, the payment solutions provider said that the board had asked Danny to reconsider his decision.

“Danny Leong has tendered his resignation, where the board has asked him to reconsider his decision and the board understands he is indeed, re-considering it,” said the company, which is embroiled in a legal suit with two of its major shareholders.

At this juncture, the group has taken swift actions to search for suitable replacements, the company said, and has since appointed new executive and independent directors.

“We believe the collective experience and knowledge of the latest board members provide the group with enhanced governance, leadership and overall management quality,” it said.

Revenue assured that it will release the necessary announcements in a timely manner to Bursa Malaysia Securities Bhd, should there be any further developments on the above matter.

At noon break on Tuesday, Revenue’s share price was two sen or 5.41% lower at 35 sen for a market capitalisation of RM168.77 million. About 20.50 million shares were traded.

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