Rakon clarifies chair's future amid board independence drive

Rakon Limited (NZX: RAK) has issued a statement clarifying that Chair Lorraine Witten is not immediately stepping down, following incorrect media reports. Witten will remain as chair and head of the audit and risk committee to ensure compliance with NZX Listing Rules regarding board independence and stability. Her intention is to retire once a majority-independent board has been successfully appointed.

The Rakon board is committed to a formal process to identify and appoint suitably qualified independent directors. Witten affirmed the board's unity on Rakon's vision and strategy, focusing on supporting management to realise the company's potential and deliver sustainable shareholder value. All directors are collaboratively working towards developing a board that aligns with shareholder interests and best governance practices.

Following Rakon's announcement, trading in RAK shares has resumed. Rakon, known for its precision timing solutions, empowers customers to innovate in sectors ranging from mobile networks and autonomous vehicles to satellite constellations and AI data centres.