KUALA LUMPUR (Feb 2): S P Setia Bhd president and chief executive officer (CEO) Datuk Khor Chap Jen (pictured) will retire on Sept 30, 2021 under the property developer’s leadership transition and succession plan.
In statements to Bursa Malaysia today, S P Setia announced Datuk Choong Kai Wai’s appointment as president and CEO effective Oct 1, 2021.
"This decision by the board was made following a succession plan which is part of the company’s leadership talent agenda, implemented based on the robust leadership discussions within the company.
"The succession plan is positioned to sustain the leadership position of S P Setia as the leading property developer in Malaysia,” S P Setia said.
According to the company, Khor, who was appointed the acting CEO on Jan 1, 2015, had subsequently taken on the CEO position on April 1, 2016 with a clear mandate to reposition S P Setia in a market leadership position.
S P Setia said his leadership has resulted in the company winning many awards including the FIABCI Prix d’Excellence Award, which demonstrates his commitment to high-quality products and being ahead of the competition.
"He was instrumental in the successful completion of the integration process following the acquisition of I & P Group Sdn Bhd by S P Setia in 2017,” S P Setia said.
Meanwhile, Choong has more than 30 years of experience in the property and construction industry. S P Setia said his experiences range from technical to business leadership roles.
S P Setia said he is currently the group's executive vice president and is tasked to grow the company’s business in Australia.
"He joined the company in May 2010 as the CEO of Setia (Melbourne) Development Pty Ltd and has since, grown the company's business in Australia and positioned the brand name of Setia very strongly within the Australian property market, known for quality design and precision in on-time delivery,” S P Setia said.
Datuk Wong Tuck Wai, who is S P Setia deputy president and chief operating officer (COO), will also retire on Sept 30, 2021, and in preparation for a smooth transition, the group announced today Datuk Koe Peng Kang’s appointment as COO effective Oct 1, 2021.
S P Setia said Koe, who has been with the group since 1997, was appointed as the group’s senior executive vice president on July 1, 2019.
S P Setia chairman Tan Sri Syed Anwar Jamalullail said in a press release attached to one the company’s Bursa filings today that the directors, management and staff of S P Setia look forward to working closely with Choong in his new role as CEO.
"The rich combination of both the experiences of Choong and Koe will present S P Setia with the right opportunity to take the group to greater heights,” Syed Anwar said.
At Bursa’s 12:30pm break today, S P Setia’s share price fell one sen or 1.09% to 90.5 sen for a market capitalisation of about RM3.67 billion.
S P Setia’s total number of issued shares stood at 4.06 billion.