This article first appeared in The Edge Financial Daily on August 1, 2017
KUALA LUMPUR: Tan Sri Dr Teh Hong Piow, the founder and non-executive chairman of Public Bank Bhd, is to step down in January 2019.
In a filing with Bursa Malaysia yesterday, Public Bank said Teh will be bestowed the title of chairman emeritus on Jan 1, 2019 when he retires as chairman of the country’s third largest bank by assets. This is in recognition of his par excellence contributions to the group over the past 51 years since he founded Public Bank on Dec 30, 1965.
However, Teh will stay on as adviser to provide guidance to support the continued growth of the bank.
Teh will also retire as non-executive chairman in Public Bank’s subsidiaries Public Islamic Bank Bhd and Public Investment Bank Bhd on Jan 1, 2018, and stay on as non-executive director with effect from the same day.
“The smooth transitions of the succession of the chairmanship of Public Bank, Public Islamic Bank and Public Investment Bank are in place,” said the group.
The details relating to the appointment of a new chairman for the group will be announced at an appropriate time, it added.
Currently, Teh holds 908.9 million shares or a 23.5% stake in Public Bank, with 24.7 million shares or 0.64% under his own name and the remaining under Consolidated Teh Holdings Sdn Bhd.
According to Public Bank’s Annual Report 2016, Teh, 86, began his banking career in 1950 and has 67 years of experience in the banking and finance industry. He founded Public Bank in 1965 at the age of 35.
He had been the chief executive officer of Public Bank since it began its business operations in August 1966 and was redesignated to his current post on July 1, 2002.
His positions in other public companies within the Public Bank Group include being chairman of Public Mutual Bhd, Public Financial Holdings Ltd, Public Bank (Hong Kong) Ltd and Cambodian Public Bank Plc. His roles in other public companies are as chairman of LPI Capital Bhd and Lonpac Insurance Bhd.
Public Bank shares slipped by 1.27% or 26 sen to close at RM20.28 yesterday, bringing its market capitalisation to RM79.55 billion.