Cycle & Carriage Bintang CEO resigns

Brief caption: Cycle & Carriage Bintang Bhd CEO Datuk Wong Kin Foo. (CHARLES MARIASOOSAY/ The Star/22/ February 2016).

KUALA LUMPUR: Cycle & Carriage Bintang Bhd (CCB), the largest dealer of Mercedes-Benz motor vehicles in Malaysia, has announced the resignation of its chief executive officer Datuk Wong Kin Foo (pic).

In a filing with Bursa Malaysia, CCB said Wong, 50, had stepped down with effect from Aug 31 to pursue other interests and opportunities outside the company. 

“Datuk Wong will serve out his notice period and take accumulated leave. His last day of employment will be Sept 30, 2016,” CCB said.

Wong has been the company’s CEO since March 2010. Previously its chief operating officer, he has served the CCB group for two decades.

With effect from Sept 1, the CCB board has appointed Ramasamy Devaraju, the current director of operations, to manage the day-to-day operations of the company until a permanent successor is announced. 

Devaraju has been with the CCB group since 2004, with his previous position being director of after sales.

Last year the group’s Mercedes-Benz operations recorded a 296% growth in net profit to RM40.9mil, and the year saw a return to recognising the annual dividend income from Mercedes-Benz Malaysia, a joint venture with Daimler AG.

For the first six months of this year, unit sales increased by 14% but margins narrowed. Amid the softening economic enviroment, net profit from Mercedes-Benz operations managed to grow by 4% to RM18mil.