KUALA LUMPUR (Jan 3): Following the retirement of its managing director and CEO, Star Media Group Bhd announced today that a temporary special committee, comprising three non-executive directors, will be set up to oversee the operations of the company.

In a filing with Bursa Malaysia, Star Media said it has identified the replacement for the chief executive officer position but will only make the announcement in due course.

In the meantime, the operations of the company will be supervised by the temporary special committee consisting of Datuk Fu Ah Kiow, Datuk Dr Mohd Aminuddin Mohd Rouse and Chan Seng Fatt.

"The board wishes to emphasise that whilst the abovementioned directors undertake their role as oversight on the operations, they will as non-executive directors endeavour to act objectively at all times in the best interests of the company and shareholders," it said in the filing.

On Nov 30 last year, Star Media announced that its group managing director and CEO Datuk Seri Wong Chun Wai has submitted his notice of retirement and will be relinquishing the two posts on Jan 1.

The 57-year-old will also be giving up his directorship in all subsidiaries of the company with effect from the same date.

Wong, who has been with the Star Media Group for 34 years, will remain with the company as its group adviser on editorial and corporate relation matters.

Over at the stock market today, shares of Star Media rose 1 sen or 1.49% to 68 sen, for a market capitalisation of RM501.76 million.