Paul Hoo Walks Away from Supreme Ventures Limited, a Company He Co-Founded and Chaired.
Supreme Ventures Limited (SVL) has advised that Mr. Paul Hoo, has resigned from his consultancy agreement with the Company, with effect from October 31, 2018, bring to an end his tenure at the head of a company he was instrumental in co-founding and leading.
The Co-founder and former Chairman of Supreme Ventures Limited had resigned in November of 2017, two weeks after a JA$2.9 billion share transaction, which resulted in Mayberry Investments Limited calling for a shakeup of the board.
Hoo subsequently tendered his resignation to the SVL board and it seems was offered the consultancy agreement to facilitate a smooth leadership transition.
In what was viewed as a heated and contentious board room battle for control of the board, the majority shareholders and directors of Mayberry
Investments Limited called for an emergency general meeting to replace seven SVL directors, including Hoo.
However, having subsequently gained three seats on the 12-member board, the brokerage house reviewed its demand for the meeting.
Mayberry had outlined its intention to appoint seven new directors to replace Hoo and others, SVL said then in a release in response to recent reports of a $2.9 billion block share transaction buy out of the company by St. Lucia-based Zodiac International Investments and Holdings Limited and Mayberry Investments.
Hoo served SVL as deputy chairman from 2001 to 2004, while Peter Stewart chaired the board.
He was also SVL’s chief executive officer until the appointment of Brian George in 2003 and after Stewart’s passing in 2004, he assumed the board chair.
Paul Hoo, was recently appointed to chair the new board of the state-owned oil refinery Petrojam.