PETALING JAYA: Tan Sri Vincent Tan Chee Yioun (pic), who relinquished the chairmanship of Berjaya Corp Bhd (BCorp) in February 2012 to focus on charitable and social programmes, has returned as executive chairman of the group he founded.
In a statement yesterday, the well-diversified group said his eldest son, Datuk Seri Robin Tan Yeong Ching, 43, would give up his position as chairman with immediate effect, but will remain as its chief executive officer.
Vincent announced his retirement from the board of BCorp on Feb 23, 2012 – two days before his 60th birthday – citing his wish to focus on his philanthropic work.
According to BCorp’s statement to the stock exchange that day, Robin was only to hold the chairman’s post until the board identified and selected a suitable candidate to fill it.
Vincent’s return yesterday came at a time when the group was facing a challenging operating environment. BCorp returned to the black in the financial year ended April 30, 2017, but it is not out of the woods yet based on the loss attributable to shareholders of RM43.4mil reported for the first quarter of this financial year.
In yesterday’s announcement, BCorp said during Vincent’s five-year-plus hiatus from the board, he had embarked on various charitable and social programmes and initiatives. However, he had also continued to explore new business opportunities for the BCorp group as its founder and adviser.
In a message to the BCorp board, Vincent praised Robin as being “an excellent chairman and CEO”.
“He (Robin) has strengthened the corporate organisation and best practices and the group has enjoyed steady growth and progress during his stewardship,” he said.
“However, I feel that after being away for five years, it is time I returned to the board to actively participate in the deliberation and decision-making at the board level in order to show my commitment and accountability to our stakeholders.”
Meanwhile, Robin said it was appropriate that his father, being the major shareholder of BCorp, took his rightful place as executive chairman.
“Tan Sri started his first business venture way back in 1972 during his early twenties with a car dealership and a construction equipment company while still pursuing his full-time occupation as a life insurance sales agent. With Tan Sri’s more than four decades of entrepreneurial experience and his unwavering dedication and commitment to the group, we have no doubt that he would be able to take the BCorp group of companies to even greater heights,” he said.