The Board of Directors of Challenger Technologies Limited announced that Mr. Ho Boon Chuan Wilson, who did not seek re-election at the Annual General Meeting of the company held on April 15, 2013, has ceased to be the lead Independent Director of the company with effect from April 15, 2013. Consequent to the retirement, Mr. Ho Boon Chuan Wilson also ceased to be the chairman of the Audit Committee, member of the Remuneration Committee and member of the Nominating Committee. In line with corporate governance best practices, the Board appointed Mr. Tan Han Beng as the Lead Independent Director of the company with effect from April 15, 2013.

Mr. Tan Han Beng will also replace Mr. Ho Boon Chuan Wilson as the chairman of the Audit Committee. Mr. Tan Han Beng was appointed an independent non-executive Director of the company on March 01, 2013 and is currently a member of the Audit, Nominating and Remuneration Committees respectively.