Rectifier Technologies board renewal update

Rectifier Technologies Limited (ASX: $RFT) has provided an update on the renewal of its board and senior management. Following the resignation of several directors after the 2023 annual general meeting, a new board with a majority of independent and non-executive directors has been appointed. Additionally, a new Chief Executive Officer has been selected to lead the company's initiatives in the booming new energy markets and new technologies.

Executive commentary on board renewal

The Company respects the decision of the majority shareholders to oppose the re-appointment of directors and has embraced the determination of shareholders by appointing a new board with a majority of independent and non-executive directors. The new board aims to reinvigorate the Chief Executive Officer role with an appropriately skilled and experienced CEO focused on improving shareholder and investor communication and growing shareholder value. The Chairman of the board, Mr Yingming Wang, has communicated his intention to step down from his role as Chairman and director of the Company once stability has been restored and a suitable candidate for Chairman is identified. The Company is targeting a two-month period to transition the role. Additionally, the Company has received unsolicited approaches and recommendations for new directors, resulting in the selection of independent directors with experience in industrial manufacturing, financial risk prevention and control, and new energy fields.

Summary of board renewal update

Rectifier Technologies Limited (ASX: $RFT) has undergone significant changes in its board and senior management, with the appointment of a new board comprising a majority of independent and non-executive directors. The Company has also appointed a new Chief Executive Officer with a focus on capturing opportunities in the booming new energy markets and new technologies, while prioritizing shareholder and investor communication. The Chairman of the board has announced his intention to step down, and the Company is in the process of identifying a suitable candidate for the role. Additionally, new independent directors with expertise in industrial manufacturing, financial risk prevention and control, and new energy fields have been recommended to the Company. The Company aims to reinstate its shares to quotation by ASX, signaling a period of transition and renewal in its corporate governance structure.