KUALA LUMPUR (June 3): Diversified group PPB Group Bhd (KL:PPB) has redesignated its non-independent non-executive director Datuk Kuok Meng Xiong, a grandson of Robert Kuok, as group managing director, effective Sept 1.

Meng Xiong, 45, will succeed Lim Soon Huat, who will retire from his role after 14 years with the group. As part of its board succession plan, Lim will be appointed adviser to the board, according to the group’s filing with Bursa Malaysia.

“Mr Lim has made significant contributions and spearheaded many initiatives in bringing the group forward, and the board wishes to record its appreciation for his leadership, commitment and services during his tenure. The appointment is part of the board’s succession planning, and the board is confident that Datuk Kuok will build on the company’s strong foundations and lead the group into its next chapter of growth and development,” PPB said.

Separately, PPB announced the appointment of Jeremy Goon as a non-independent non-executive director, effective June 4. Goon is a director and CEO of FFM Bhd, an 80%-owned subsidiary of PPB.

Shares of PPB fell nine sen or 0.91% to RM9.80 on Wednesday, giving the group — which is involved in grains and agribusiness, consumer products, film exhibition and property — a market capitalisation of RM13.94 billion.