NEW YORK – Treasure Global Inc. announced a change in leadership on Thursday, with Carlson Thow taking the helm as Chief Executive Officer after Chong Chan Teo stepped down from the position and the Board of Directors on Wednesday.
Thow, 31, comes to Treasure Global with a background in legal affairs, having served as Chief Legal Officer of VCI Global Limited (NASDAQ:VCIG) from July 2022 until his recent appointment. His prior experience includes practicing law as a Senior Associate and Legal Associate with firms where he specialized in mergers, acquisitions, and corporate financing.
Thow's educational credentials include a Bachelor of Laws from the University of Northumbria at Newcastle, a Master of Laws from the University of Malaya, and a Master of Business Administration from Lancaster University. He was admitted as an advocate and solicitor of the High Court of Malaya in 2018.
Under the terms of the Employment Agreement effective June 13, 2024, Thow will receive a monthly salary of RM 20,000 and a fixed allowance of RM 800. Additionally, he will be compensated with $120,000 worth of Treasure Global common stock annually, allocated monthly during his first year, with subsequent years' share compensation contingent on performance.
The agreement, which is renewable annually, allows for termination by either party with two months' notice or equivalent salary. Post-termination, Thow will be subject to a one-year non-solicitation clause regarding the company's employees and clients.
This executive transition reflects the company's commitment to strong leadership and strategic direction. The information provided is based on a recent SEC filing by Treasure Global Inc.
In other recent news, Treasure Global has successfully regained compliance with Nasdaq's shareholder approval requirements. This development follows a corrective action taken by the company's CEO, Chong Chan Teo, who made a cash payment to adjust the effective price per share of a previous issuance.
The company had faced non-compliance issues due to a share issuance that was used to settle debt, which involved issuing over one million shares to CEO Teo at a discount. This move had necessitated shareholder approval under Nasdaq Listing Rule 5635(c). Following the CEO's corrective measure, Treasure Global has now realigned itself with Nasdaq's regulations.
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