KUALA LUMPUR (Mar 16): IJM Corp Bhd deputy chief executive officer (CEO) and deputy managing director (MD) Datuk Soam Heng Choon will take over the helm at the group from April 6 this year, replacing Datuk Teh Kean Ming who is retiring on April 5.

In a statement today, IJM Corp (fundamental: 1.1; valuation: 1.2) said the appointment of Soam is in line with its established succession plan.

Soam, 55, started his career with the group since 1989, and was appointed as deputy CEO and deputy MD on June 7, 2013.

“Datuk Soam not only has extensive experience in construction and property development, helming IJM Land (Bhd) since 2004; he also has good exposure to the group’s business operations,” IJM’s chairman Tan Sri Abdul Halim Ali said in the statement.

“With his vast experience in the industry and well established network, I am confident he has the market know-how to further drive the group’s growth. He is equipped with the right leadership skills and I believe he will continue to develop our strong company culture and good corporate governance” he added.

IJM Corp also appointed Lee Chun Fai to replace Soam’s position, with effect from April 6 as well.

The 44-year-old joined the group in October 1995, and was appointed head of corporate strategy and investment on July 1, 2012. He was subsequently put in charge of the infrastructure division.

Meanwhile, Edward Chong Sin Kiat will become the new MD of IJM Land Bhd, the 64%-owned listed property development arm of IJM Corp, effective April 6 this year, replacing the current CEO and MD Soam.

Chong, 43, joined the company in September 2000 and was appointed chief operating officer and chief financial officer on Nov 1, 2012. He was subsequently appointed alternate director to Teh on Nov 26, 2012.

“The appointment of Chong as the new MD is part of the IJM Group’s established succession plan of nurturing and developing the next generation of leaders within the group,” said IJM Land chairman Tan Sri Krishnan Tan in a separate statement today.

IJM Corp shares closed one sen or 0.14% lower at RM7.17 today, with 17.7 million shares traded, giving it a market capitalisation of RM10.9 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)