This article first appeared in The Edge Financial Daily on December 5, 2017

KUALA LUMPUR: Datuk Seri Robin Tan Yeong Ching has resigned as the executive chairman of Berjaya Food Bhd effective yesterday to “comply with the best practice of the Malaysian code of corporate governance”.

The 43-year-old son of Berjaya Corp Bhd founder Tan Sri Vincent Tan has been replaced by Tunku Datuk Shazuddin Tunku Sallehuddin, who will serve as Berjaya Food’s independent and non-executive chairman.

Tunku Shazuddin, 47, is the managing director of interior fit-outs and project management company Seri Libana Sdn Bhd, which handles government contracts, and provides consultancy services to state and government departments, including the acquisition of new technologies and funding for various agricultural and tourism initiatives.

On Nov 2, Vincent, who has a 0.26% direct stake and 45.75% indirect stake in Berjaya Food as at Nov 21, announced his return to the Berjaya Corp by taking over Robin’s executive chairman’s post in the group. Robin, however, remains as Berjaya Corp’s chief executive officer.

Berjaya Corp owns a 43.55% indirect interest in Berjaya Food as at Aug 8.

Berjaya Corp shares were down two sen or 5.33% at 35.5 sen yesterday, for a market capitalization of RM1.75 billion. Berjaya Food shares, meanwhile, fell six sen or 3.35% to RM1.73, giving the group a market value of RM665.34 million.