Asti Holdings executive chairman and chief executive Michael Loh Soon Gnee is stepping down from the semiconductor manufacturer and its listed units Advanced Systems Automation (ASA) and Dragon Group International (DGI) due to unspecified personal reasons.

While Michael’s last day of service has not been announced, but he will be transitioning his duties within the next 12 months, as per regulatory filings filed by the companies. Loh is currently CEO of ASA, an Asti associate company, and CEO and executive chairman of DGI, an Asti subsidiary.

The boards added that they are at the moment identifying and reviewing internal and external candidates in its search for Loh's successor. He will also continue to work closely with the board to achieve a smooth transition. Also, the individual business units or subsidiaries will still have senior management who has been working with the companies from eight to 25 years.

Loh has served as director of Asti since Oct 23, 2003 and was appointed CEO of the company on July 1, 2013. In addition, he has also served as a director of ASA since July 19, 2006 and was appointed CEO on Nov 12, 2010. He has been director of DGI since Oct 23, 2003, and was appointed its CEO on July 1, 2008.

Image Credits: The Straits Times