KUALA LUMPUR (May 26): Datuk Seri Tham Ka Hon, managing director (MD) and substantial shareholder of Eastern & Oriental Bhd (E&O) with an 11.05% stake, has been redesignated as executive deputy chairman effective July 1.

Tham, 63, will be replaced by Kok Tuck Cheong as MD of E&O. Kok, 60, was former chief executive officer and MD of AmInvestment Bank Bhd, a subsidiary of AMMB Holdings Bhd, serving the bank for 34 years with the last 10 years focused on strategic development and management of various businesses.

In a filing with Bursa Malaysia today, E&O also announced the resignation of Eric Chan Kok Leong as its board member and deputy MD, citing "expiry of contract and family reason". Chan, 46, will be stepping down from his positions in the property development group effective Aug 11.

Chan's resignation came as a surprise to many. He was promoted to his current position in 2011. Chan joined E&O Property Development Bhd in 2003 as director of corporate and investment.

"Since 2003, Eric (Chan) has been instrumental in steering the Group's business direction and performance. For his dedication, commitment and unwavering loyalty, the E&O board were unanimous in expressing our deep appreciation, while also respecting his wishes to take a step away from active corporate life to spend time with his family," said Tham in a statement today.

Datuk Azizan Abdul Abdul Rahman remains as the group's chairman.