PETALING JAYA: IJM Corp Bhd
says the retirement of its chairman, Tan Sri Krishnan Tan, was a long planned move, with the group’s strategy and business priorities remaining unchanged.
In a statement yesterday, IJM said Tan had earlier indicated that his current term would be his final one on the board, adding that his decision not to seek re-election at the upcoming AGM reflected an “orderly leadership transition”.
“The group’s strategy, management team and business priorities remain unchanged as IJM continues executing its long-term growth plans,” it said.
Tan will step down as chairman upon the conclusion of IJM’s AGM scheduled for Aug 27, bringing to an end about 42 years of service with the group.
“Throughout his tenure, Tan played an instrumental role in IJM’s formation and growth, serving in successive leadership positions as the group evolved into one of Malaysia’s leading diversified construction and infrastructure groups,” it said.
In his final chairman’s statement accompanying IJM’s annual report, Tan said he looked back with “immense pride and gratitude” at what had been built together over the past four decades.
“Having had the privilege of participating in the acquisition and merger of the companies that formed IJM, and subsequently serving as its chief executive officer and chairman over the past four decades, I look back with immense pride and gratitude at what we have built together,” he noted.
“I leave knowing the group is well-positioned for its next chapter of growth.”
Tan said his final year as chairman was particularly significant for two reasons – the conditional voluntary takeover offer by Sunway Bhd in January 2026 and the subsequent scrutiny arising from allegations circulated on social media.
The takeover attempt failed after Sunway did not secure acceptances for more than 50% of IJM’s shares.
“Having spent much of my career evaluating acquisitions rather than being the subject of one, the experience served as a sobering reminder of the need to be nimble and dynamic given the rigour of a fast-evolving business environment and that of the capital markets,” he said.
Tan said the year was further complicated by what he described as “malicious and unfounded” allegations circulated on social media, which subjected IJM and his personal reputation to intense public scrutiny.
He added that the subsequent no further action decision by the Malaysian Anti-Corruption Commission, together with confirmation that the proposed acquisition was carried out within legal and regulatory frameworks, provided reassurance on the group’s governance standards.
Tan also said investigations into allegations of RM2.5bil in money laundering linked to IJM were found to be “baseless”, while the United Kingdom’s Serious Fraud Office had confirmed it had never conducted any investigation related to the alleged flow of funds.
“While these were indeed trying times where reputations were being questioned, positively, shareholders can take comfort in the fact that the governance, integrity and ethical standards established by our founding leaders stood the test of one of the most challenging periods in the group’s history,” Tan said.
“With these events now behind us, our attention is firmly on the future and the opportunities ahead.”
Tan, 73, was appointed chairman on Aug 29, 2019, after serving as deputy non-executive chairman from 2014.
He first joined IJM’s board on June 12, 1984 as an alternate director and subsequently held various senior positions, including financial controller, director, deputy managing director, group managing director, chief executive officer and managing director, and executive deputy chairman.
As at end-June 2026, Tan held a direct stake of 0.3% and an indirect stake of 0.032% in IJM.
