Digilife Technologies’ executive chairman and group CEO, Dr Bhupendra Kumar Modi, will be stepping down from his role as executive chairman and group CEO.
His last day is on June 23.
Modi was appointed as the group’s non-executive director and chairman on March 6, 2020. He was then redesignated as the group’s executive chairman and group CEO on April 19, 2022. The change was to provide stability to the group’s operations as it was then in the midst of a “critical business transition period”.
As the company’s operations are deemed stable now, Modi says this is the “right time” for him to step down and to bring in existing senior professional management to take the company forward.
According to Digilife Technologies BAI , Modi has also been “pre-occupied with other personal commitments” and will not be able to spend sufficient time to oversee the company’s day-to-day affairs. Modi will remain Digilife Technologies’ controlling and largest shareholder. He has a direct interest of 804,634 shares in the company and a deemed interest of 6.85 million shares in the company. Modi’s son and wife are also shareholders of the company.
Further to its announcement, the company adds that it is in the process of revamping and refreshing its board and management with more updates to come in due course.
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On April 12, Singapore Exchange S68 Regulation (SGX RegCo) issued a “trade with caution” warning on Digilife Technologies after shares in the company saw prices climb some 157% between January to April 2023 compared to the benchmark Straits Times Index’s (STI) 0.64% increase.
Shares in Digilife Technologies closed 5 cents higher or 2.45% up at $2.09 on June 16.
