KUALA LUMPUR (March 1): CB Industrial Product Holding Bhd (CBIP) has announced several boardroom changes, including the resignation of Tan Sri Dr Yusof Basiran as its independent and non-executive chairman.

In a filing with the local bourse, the palm oil equipment maker said Yusof has decided to step down from the position after having served the company for more than nine years. According to CBIP's latest annual report, Yusof was appointed to the board on Feb 20, 2006. He is currently the executive director of the Council of Palm Oil Producing Countries (CPOPC).

Also exiting CBIP's board is its independent and non-executive director Wong Chee Beng, who has also decided to step down after serving the company for more than nine years.

Meanwhile, CBIP redesignated its executive director Tengku Ardy Esfandiari Tengku Abdul Hamid Shah as its executive chairman. He holds about 3.36 million direct shares in the company, according to a separate filing.

The company also appointed Datuk Dr Suzana Idayu Wati Osman, who is currently an investment committee member of BCP Asia Fund 1 LP and a member of the supervisory committee of FELDA Rehabilitation Plan, as its independent and non-executive director.

All changes take effect from Tuesday (March 1), CBIP said.

CBIP shares closed two sen or 1.41% lower at RM1.40, giving the company a market capitalisation of RM690.55 million.