PETALING JAYA: After 23 years, Tan Sri Danny Tan Chee Sing has retired from the day-to-day management of the company, Tropicana Corp Bhd which he founded in 1992.
The seasoned developer, who shot to fame with his development of Tropicana Golf & Country Club in the mid-90s, is also a brother of tycoon Tan Sri Vincent Tan.
Tan, 60, has decided to hand over the reins to group CEO Datuk Yau Kok Seng and his son, deputy group CEO Datuk Dickson Tan.
“I have been planning this in the past one to two years. I want to do more charity work, corporate social responsibility and travelling.
“My team is very competent. I am confident with the current management team and have to give them a chance to try. They are all very capable,” Tan said when contacted yesterday.
He quipped that his son, Dickson could probably work harder in his absence. “If I am there, he may not be working as hard.”
“I founded the group in 1992 and I am very proud of Tropicana’s achievement today, being one of the top 10 property developers in Malaysia with a record revenue of close to RM2bil and total assets of over RM7.2bil in FY2014. I have turned 60 this year and after having dedicated more than 3½ decades of my life to the business, it’s timely to pass the baton to the new generation of leadership,” Tan said in a statement yesterday.
He also assured all Tropicana’s stakeholders and its employees that he would remain as the significant shareholder of Tropicana and stay committed to the company.
Tan owns over 70% direct and indirect stakes in Tropicana.
Tropicana also announced several boardroom changes.
Datuk Seri Mohamad Norza Zakaria has been appointed independent non-executive deputy chairman with immediate effect.
Tan’s third son Dion Tan Yong Chien has been appointed executive director while Datuk Larry Gan Nyap Liou @ Gan Nyap Liow as senior independent non-executive director.
Diana Tan Sheik Ni has stepped down as executive director, while Datuk Francis Ng Tian Sang @ Ng Kek Chuan and Datuk Seri Panglima Mohd Annuar Zaini have retired as independent non-executive directors.