CEO Tan's Out at Pacific Internet

The Singapore-based Internet service provider says the executive will move on Aug. 10 to pursue new career challenges.
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Pacific Internet

(PCNTF)

said Tong Hai Tan will resign as president and CEO effective Wednesday, "to pursue new challenges in his career."

The company began a search for a new CEO and said its board appointed the executive committee to oversee operations in the meantime.

The Singapore-based Internet service provider said Tan was appointed president and CEO in March 2001. Under his leadership, Pacific Internet returned to profitability in the first quarter of 2002. The company has since delivered 14 consecutive quarters of profitability, Pacific Internet said.

"The Board appreciates Tong Hai's contributions to Pacific Internet and understands his need to take on a different career challenge. We wish him well in his new endeavor," said Chairman Bien Kiat Tan. "When Kingsville Capital Limited acquired a major stake in Pacific Internet, it noted the management's capabilities and depth across the entire Group including the country operations. We believe that we have a senior management team in place that is able to run the operations without any disruption."

Pacific Internet shares slipped 28 cents to $6.28.