PETALING JAYA: Sarena Cheah, the daughter of Sunway Bhd founder Tan Sri Dr Jeffrey Cheah and anointed successor, will assume full control of the group’s key property unit effective May 1.
Sarena, 40, is currently the joint managing director of the group’s property development division (PPD). She will take over the new role when existing joint managing director Ong Pang Yen resigns.
Ong, 52, would be resigning effective May 1, 2015 to join Sunway Education Group Sdn Bhd (SEG), the company told Bursa Malaysia.
Ong has been a part of the Sunway group for some 22 years and previously held numerous roles including chief operating officer for property development, China, and managing director for PDD – international.
He, together with Sarena, was appointed joint managing director of PDD for Malaysia and Singapore in May 2013 to assist in strengthening the property development team. Sarena was then also appointed managing director of strategy and corporate development.
Sarena has been with the group since 1995, starting in the corporate finance and group internal audit divisions.
In 2006, she became the sales and marketing general manager in PDD before becoming the director of strategy and corporate development in 2009. She later assumed the position as the executive director of strategy and corporate development in August 2011.
Sarena holds directorships in SunREIT Capital Bhd, SunREIT Unrated Bond Bhd and Sunway Lagoon Club Bhd.
She has 577,274 ordinary shares of RM1 each and 97,058 warrants in Sunway Bhd. Under Sunway’s employees share option scheme (Esos), she currently has 1,600,000 options out of which 800,000 options have been vested to her. She is also deemed interested in 972,368,099 ordinary shares of RM1 each and 157,185,376 warrants in Sunway through Active Equity Sdn Bhd, Sungei Way Corp Sdn Bhd, spouse and parents.
“After having been in the construction and property industry for more than 30 years (eight years in the Public Works Department and 22 years in Sunway), Ong had considered pursuing a whole new experience in the education industry and a window of opportunity within SEG came through,” the company said in its filing.
He holds 106,533 ordinary shares of RM1 each in Sunway. The company said his total balance options granted and vested to him under the Sunway’s Esos 2013/2019 were 1,200,000 options and 320,000 options respectively.