The 60-year old Australian who successfully held CEO and CFO positions in a wide range of industries in Europe and Asia joined MPIC as director in April 2010.
MPIC bolstered its balance sheet during Nicol’s tenure. He received recognitions and awards from various parties including Finance Asia, Institutional Investor and Corporate Governance Asia.
His retirement, which takes effect on November 30, was accepted by the MPIC board of directors during its special meeting Thursday.
“Mr. Nicol does not have any disagreement with the board of directors of MPIC, and there are no matters relating to his retirement that need to be brought to the attention of the shareholders of MPIC,” the company said in a disclosure to the stock exchange.
MPIC said Nicol would stay on as advisor to the board for the next 12 months to ensure a smooth transition of management.