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