TOTM Technologies, a company that provides end-to-end identity management and biometrics products, has announced the resignation of its executive director and CEO Irawan Mulyadi on May 27.

TOTM Technologies shares tumbled 15.4% in morning trading.

Irawan’s resignation is to facilitate the board and management renewal, having considered the requisition notice dated May 7.

On May 7, nine shareholders of the company who collectively owned 10% of the total number of paid-up shares of the company required TOTM to convene an EGM to table three resolutions surrounding the removal of Irawan, and two other non-executive independent directors of the company, Dhanie Tri Indrasto and Phang Yew Kiat. The nine shareholders are Khoo Thomas Clive, Wong Hong Eng, Tan Ah Ee, Gan Huai Shen, Koh Ah Luan, Vincent Gan, Gan Huai Shi, Ang Siew Joo and Teo Teo Lee. Khoo is also a substantial shareholder of fellow listco, Zixin Group.

As at May 28, both Dhanie and Phang tendered their resignations on May 27.

Irawan was appointed to his position less than a year ago on Oct 22, 2024. He is deemed to be interested in 26.2 million ordinary shares or 1.92% of the total issued share capital of the company, and 5 million share options under the company’s employee share option scheme in 2021. In his resignation filing, the former CEO noted that his departure may “potentially cause disruptions” to “current ongoing government projects” that he was spearheading since his appointment as CEO.

Dhanie is deemed to be interested in 20.1 million ordinary shares or 1.47% of the total issued share capital of the company, and 4 million share options under the company’s employee share option scheme in 2021. He was appointed to this position in June 2023.

Phang, the newest of the three to be appointed to his current role, requests for shareholders to give newly appointed board members and the management team sufficient time to manage the company’s affairs and to improve the financial position of the company.

In the meantime, the management team will be led by Pierre Prunier, executive director of the company, while the board searches for a suitable replacement. The remaining members of the board comprise one executive director and one independent director.