APP chief financial officer quits

APP chief financial officer quits

SINGAPORE: Embattled Asia Pulp & Paper (APP) said on Tuesday its chief financial officer and executive director Hendrik Tee had resigned.

The firm said in a statement Hiroshi Tadano, a former banker with The Sumitomo Bank Ltd and PT Bank Internasional Indonesia, would succeed Tee from May.

"Tadano has considerable banking experience and his expertise will benefit APP as it seeks to make further progress in its complex debt restructuring process," Teguh Ganda Widjaja, chief executive officer of APP, said in the statement.

APP, controlled by the family of aging Indonesian-Chinese tycoon Eka Tjipta Widjaja, said Tee would remain a non-executive director of APP and assume new responsibilities as head of the research and business development division of the Sinar Mas Group.

Tee was one of the most prominent non-family members working for the powerful conglomerate.

APP also said Franky Widjaja, a member of the Widjaja family, had resigned as an executive director and would devote his time to other Sinar Mas businesses. -- Reuters