KUALA LUMPUR (June 24): Shangri-La Hotels (Malaysia) Bhd (SHMB) has announced the redesignation of its non-independent and non-executive director Chan Kong Leong as the group's new managing director (MD), with effect from the conclusion of the 51st annual general meeting (AGM) to be held next Thursday (June 30).

Chan will succeed Kuok Oon Kwong — the niece of business tycoon Robert Kuok — who has decided to not stand for re-election at the company's upcoming AGM, and accordingly, will retire from the board.

Meanwhile, Chan has been regional chief executive officer of Southeast Asia and Australasia at Shangri-La Asia Ltd since January 2019, being responsible for driving business operations and overseeing new investments, asset management, strategic planning and various corporate functions.

He sits on the boards of most of the hotel-owning companies across Southeast Asia and Australasia, including Shangri-La Hotel Public Co Ltd, which is listed on the Stock Exchange of Thailand, and Shangri-La Hotel Ltd, Singapore.

"Chan brings strong leadership and commercial acumen, alongside a wealth of industry business experience and knowledge to the role of managing director. He is well placed to lead the company through the recovery from the Covid-19 pandemic and drive the company's future growth," said Shangri-La in a filing with the bourse on Friday (June 24).

On Friday, shares in SHMB settled at RM3.29, down two sen or 0.6%, giving the company a market value of RM1.45 billion.