Tycoon Khoo Kay Peng makes way for son

TheEdge Tue, Dec 12, 2017 08:51am - 6 years View Original


KUALA LUMPUR: Tycoon Tan Sri Khoo Kay Peng will relinquish the role of chief executive officer (CEO) at MUI Properties Bhd to his son Andrew Khoo Boo Yeow, assuming the post on Jan 1 as part of a succession plan.

Kay Peng, 78, will remain as the company’s executive chairman, which he has held since 1979. As at yesterday, Kay Peng is a substantial shareholder of MUI Properties, with a 74.32% stake.

Andrew, 45, has also been appointed as the company’s executive director (ED). The appointment is part of changes made to the leadership at Malayan United Industries Bhd (MUI) as well. Last Friday, MUI announced Andrew’s appointment as the group’s CEO and ED effective Jan 1.

Kay Peng, with a 47.58% stake in MUI, remains as the group’s executive chairman. He is also chairman of Pan Malaysian Industries Bhd, Metrojaya Bhd, West Synergy Sdn Bhd, Laura Ashley Holdings plc and Corus Hotels Ltd in the UK.

In a filing with Bursa Malaysia yesterday, MUI said Kay Peng, as executive chairman, will take on a more strategic role, while Andrew will focus on the group’s daily operations and implementation of strategies.

“The separation of executive chairman and CEO is also in line with good corporate governance, enabling the respective individuals to better focus on their respective roles and responsibilities. It is part of the group’s effort on succession planning for its directors and key management as well,” it added.

MUI said the board of directors is confident that with Andrew’s qualifications and diverse background, his leadership will be able to bring the group to the next level.

“The board will give its full support to his management team to implement the going-forward strategy of transforming the group from a diversified and asset-rich conglomerate into a focused and profitable business group,” it said.

Before this, Andrew was the director of group business development and chief operating officer of Swensen’s at ABR Holdings Ltd, Singapore, from Jan 1, 2016 to Nov 28, 2017. He was also the director of the food and beverage division at ABR between 2012 and 2015. Andrew was appointed MUI’s and Pan Malaysia Corp Bhd’s non-independent non-executive director from 2009 to 2012.

MUI shares closed up one sen or 4.76% at 22 sen yesterday, with a market capitalisation of RM645.16 million. MUI Properties shares were up 0.5 sen or 1.75% to 29 sen, valuing it at RM214.87 million.

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