GIIB CEO Tai Boon Wee passes baton to his sons to lead company
KUALA LUMPUR (Sept 29): Rubber compound manufacturer GIIB Holdings Bhd has announced a significant transition in its leadership, as its chief executive officer (CEO) Tai Boon Wee handed over the reins of the business to his two sons, Tai Qisheng and Tai Qiyao, who will continue to serve as executive directors within the company.
Boon Wee's long-time lieutenant — Alison Wong Ping Kiong — has also relinquished her role as executive director of GIIB.
In a filing with Bursa Malaysia on Friday, GIIB said both Boon Wee, 63, and Wong, 60, are stepping down from their roles with immediate effect, as "part of the next succession plan to transition leadership to the next generation, paving the way for fresh perspectives and innovative strategies to guide the company into the future".
In a separate statement, GIIB said the remaining directors on the board will “provide critical guidance and oversight”.
“The strategic succession plan is in the best interest of the GIIB group, leveraging the knowledge and expertise of the new leadership while benefiting from the wisdom and insights of those who have been instrumental in the company's journey thus far.
“With this strategic transition, GIIB reaffirms its commitment to innovation, excellence, and a future filled with opportunities. The company looks forward to achieving even greater milestones as it continues its journey of growth and success,” it added.
In June, Boon Wee had relinquished his position as executive chairman while remaining as CEO, after transferring 45.81 million shares or a 7.75% stake in the company to Qisheng.
Last month, the loss-making company's proposed private placement, which was aimed at raising RM6.97 million, was rejected by Bursa pending charges against several of its directors under the Malaysian Anti-Corruption Commission (MACC) Act 2009.
Shares of GIIB closed unchanged at nine sen on Friday, giving it a market capitalisation of RM53.22 million.
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