Mr Ashley was appointed as executive director in October last year to take over day-to-day operations from chief executive Pradeep Paunrana who said he would be focused on talks with the company’s creditors and prospective new shareholders. Mr Paunrana on Friday said he had resumed his office duties on a full-time basis. ARM also disclosed that its company secretary Ramesh Vora had resigned effective April 27 after serving for more than 24 years. IndependentThe regulator requires a chairman of a publicly traded company to be an independent, non-executive director, a description Mr Ashley lost with the shift to the executive office. The CMA, among other criteria, defines an independent director as one who “has not been employed by the company in an executive capacity within the last five years.”

Source: Daily Nation May 14, 2018 06:22 UTC