Fu Yu Fires CEO Over Gross Default and Misconduct
Mainboard-listed Fu Yu Corp, a prominent precision manufacturer, has announced the immediate termination of its group chief executive officer, David Seow, citing instances of gross default and misconduct.
The termination was made effective on October 31, as the company publicly disclosed on Saturday, November 1.
Concurrently with his dismissal, Mr. Seow has also ceased to hold his position as a director of the company and all of its associated subsidiaries and related entities.
The board of the company has affirmed that there are no further matters pertaining to Mr. Seow’s cessation of duties that require immediate disclosure to the shareholders at this time, indicating a controlled public relations process surrounding the sensitive event.
Mr. Seow, who is 40 years old and held a nine million share interest in Fu Yu, had been serving as the group CEO since January 2021.
This abrupt dismissal comes as a direct consequence of an internal investigation that was initiated earlier in the year.
This corporate scrutiny was triggered after numerous shareholders voiced significant concerns at the company’s annual general meeting held in June.
The core of the shareholders’ queries centered on the company’s disappointing financial performance and, in direct contrast, the seemingly excessive remuneration packages awarded to the directors and key management personnel, which “appeared to be high in contrast to the low revenue of the company,” as stated in the official Fu Yu announcement.
Investigation Uncovers Misconduct Amidst Financial Scrutiny
In direct response to the pointed shareholder queries at the AGM, the independent directors of Fu Yu swiftly commissioned a comprehensive internal audit and review process.
It was during the course of this meticulous review that the independent directors discovered several concerning matters that clearly suggested misconduct on the part of then-CEO, David Seow.
Following these initial findings, the independent directors took the necessary step of engaging external third-party professionals, including experienced legal counsel, who were tasked with thoroughly reviewing and advising on the severity of the discovered issues.
The board ultimately described Mr. Seow’s termination as “a carefully considered decision based on established facts and supported by legal advice,” emphasizing the due diligence and professional judgment that informed their final action.
Due to the ongoing nature of the investigation into the specific details of the misconduct, Fu Yu stated that it is currently prevented from disclosing further specifics, but assured the public and its shareholders that it would reveal more information at the appropriate juncture.
This commitment to future disclosure is essential for maintaining investor confidence in the governance of Fu Yu.
The immediate focus, however, has been on ensuring management stability during this unexpected leadership transition.
Implementing New Leadership and Operating Structures
To ensure stable management and uninterrupted operations following the departure of the group CEO, Fu Yu has immediately established a dedicated operating committee.
This committee is tasked with overseeing all critical operational matters of the corporation during the ongoing search for a permanent replacement executive director and group CEO.
The committee is comprised of the experienced general managers from each of the company’s geographically dispersed manufacturing facilities, which include sites in Penang and Johor in Malaysia, as well as Suzhou, Dongguan, and Zhuhai in China, in addition to the Singapore facility.
The new operating committee will report directly to Gevin Bai, the general manager of the Suzhou facility, who has been appointed to the newly created, pivotal role of group general manager.
In this elevated capacity, Mr. Bai will provide increased guidance and exercise significantly greater oversight over the senior management leadership team across all of Fu Yu’s international operations.
The board expressed its strong confidence in these new robust leadership procedures, assuring stakeholders that they “will ensure stable management and uninterrupted operations of the company during this transition,” according to the bourse filing.
Separately, the company was previously involved in a major controversy concerning its unit, Fu Yu Supply Chain Solutions (FYSCS), which faced intense scrutiny over significant weaknesses identified in its risk management processes.
Although an earlier investigation into FYSCS, which was initiated in October 2024, concluded in October 2025 with the board finding “no evidence of wrongdoing or financial loss,” the previous incident highlighted the company’s existing sensitivity to governance issues.
