Directors of Eagle Hospitality Trust's sponsor step down

This comes after failure to disclose material interested person transactions.

Eagle Hospitality REIT management confirms the resignation of Howard Wu and Taylor Woods as non-independent non-executive chairman and non-independent non-executive deputy chairman, respectively, according to an announcement.

This comes after EHT’s announcement relating to the failure to disclose material interested person transactions resulting from “further non-disturbance agreements” entered between October 2019 and February 2020 by the directors.

Also read: Directors of Eagle Hospitality Trust's sponsor to step down from board

With their resignation, the board of directors will be composed of Davy Lau as lead independent director and independent non-executive director, Tarun Kataria, Tan Wee Peng Kelvin, and Carl Gabriel Florian Stubbe as independent non-executive directors, and Salvatore G. Takoushian as executive director and CEO.

The management notes that there will be no change to the composition of the audit and risk committee of the Eagle Hospitality REIT as well as the special committee of the managers that oversee matters relating to the strategic review.