(Updated)

Vincent Tan and son Robin to step down from executive roles at Berjaya Corp — sources

Tan Sri Vincent Tan Chee Yioun

Tan Sri Vincent Tan Chee Yioun

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KUALA LUMPUR (April 5): Tan Sri Vincent Tan Chee Yioun and his son Datuk Sri Robin Tan Yeong Ching will step down from their executive roles at Berjaya Corp Bhd (BCorp), according to sources. At present, Tan is the executive chairman and Robin is executive deputy chairman.

An announcement is expected to be made today, sources told theedgemarkets.com, although it remains unclear when these changes will take effect.

The latest changes in leadership come after the appointment of former Permodalan Nasional Bhd chief executive officer (CEO) Jalil Rasheed as the group CEO of BCorp last month.

Jalil, who made history as the first group CEO from outside the Tan family, will "relook at BCorp's corporate structure, optimise financial and human resources, improve synergies and efficiency, enhance corporate governance and transparency, streamline the various group businesses to create and enhance shareholder value, and to transform BCorp into a high-performing organisation," according to an earlier statement by the company.

Since his appointment, BCorp's shares have risen 158% from 18 sen on March 16 to 46.5 sen so far today, nearly three weeks from the day of Jalil's appointment. The group's market capitalisation so far today stood at RM2.25 billion.
 
Since his entry into the group, Jalil himself has acquired 136 million shares in the group, representing a 2.71% stake, at an estimated price of approximately RM41.27 million.
 
In an Instagram post, Jalil said that he had “always enjoyed having skin in the game as a shareholder CEO rather than an employee CEO”.
 
“I have acquired 70 million BCorp shares to show I’m putting my money where my mouth is. This will ensure I remain focused on driving shareholder value,” he added.

Read also:
Vincent Tan redesignated as Berjaya Corp non-executive chairman, son Robin to relinquish executive role, confirming The Edge report

Joyce Goh