London-listed Bumi plc said on Monday that directors Philip Yeo and Sony Harsono would resign in a likely effort to simplify its board after a recent showdown. The company said that the directors tendered their resignations, which take effect on March 15, due to pressing commitments.
Bumi plc, whose board comprises 14 directors, said that it wanted a “smaller, fit-for-purpose board that continues to comply with the UK Corporate Governance Code”.
The company maintained most of its board after a voting for a shake up on Feb. 21 that was proposed by cofounder Nathaniel Rothschild, who owns a 14-percent stake in the firm. Rothschild said that the changes only cemented the 23.8-percent stake held by the politically wired Bakrie Group.