KUALA LUMPUR (Dec 16): SP Setia Bhd has allayed concerns about the lack of clarity in the property developer's leadership plans, following the departure of its former long-time CEO Tan Sri Liew Kee Sin in April this year.

SP Setia's outgoing acting CEO Datuk Voon Tin Yo, who will be resigning from the group on Jan 1, 2015, said it has an existing and capable management team led by acting deputy president Datuk Khor Chap Jen who will continue to lead SP Setia after Voon's departure.

"Khor knows the group inside out and has been part of SP Setia for some 30 years. There is no ideal succession plan but anyone of them [experienced management figure] will qualify for the job," Voon told a news conference to announce its financial results for the financial year ended Oct 31, 2014 (FY14) today.

Khor, who will assume Voon's position in January, added that concerns over SP Setia's leadership stability is based solely on the perception that the group needs an individual leader to grow.

He assured investors that "systems are in place" for the group's operations to run smoothly.

"There is no reason for me to leave," quipped Khor.

Since the departure of Liew, SP Setia has only appointed acting CEOs to lead the group. Industry observers have said that this was because majority shareholder, Permodalan Nasional Bhd (PNB), has not endorsed or chosen a leader of its choice.

To this, Khor said he cannot speak for the group's shareholders and their decisions.

On speculation that the property developer will be merging with other entities under the umbrella of PNB to create a mega property development, Voon said: "It is (pure) speculation. Let it be speculation. We are not aware of any (merger) plans."