Eldest son Robin Tan resigns as CEO of Berjaya Corp
April 09, 2021
Change at the top of the Berjaya Group conglomerate which includes in its stable a host of listed companies on Bursa Malaysia took place when Dato’ Sri Robin Tan Yeong Ching (43) who was the Group CEO, stepped down in favour of an outsider professional, Abdul Jalil Abdul Rasheed (38). Jalil Rasheed was appointed to the Board on 16 March 2021. Robin Tan was appointed the Deputy Group Executive Chairman of holding company Berjaya Corporation Berhad while his father, Tan Sri Dato’ Seri Vincent Tan Chee Yioun, 69, remains the Group Chairman. At the time of Jalil Rasheed's appointment as Group CEO of Berjaya Corporation, Tan Sri Vincent Tan was Group Executive Chairman. However, on 5 April 2021, he announced that he was relinquishing his executive position to give Jalil Rasheed the freedom to transform the Berjaya Group. The Tan Sri who is active in charitable initiatives will focus more time on what he likes to do.
Jalil Rasheed was appointed President and Group CEO of Permodalan Nasional Berhad (PNB) in October 2019 after leaving his post as CEO of Invesco Ltd’s South Asian operations. Invesco Ltd managed more than US$1.2 trillion across a multiple range of asset classes in over 25 countries. Jalil Rasheed brings with him the right credentials to rein in the multiple businesses of the Berjaya Group and chart together with the Tan family the future direction of the conglomerate. Berjaya Corporation stated that the mandate given to Jalil was to re-look at the whole corporate structure and optimise financial and human resources besides enhancing corporate governance. The new CEO is apparently confident that the Berjaya Group is undervalued and with the right restructuring, the synergies to be harvested would augur brighter prospects for the Group. Investors gave the thumbs up for this new appointment when active buying interest began immediately with the announcement. The share price jumped from 19 sen to 21 sen and Berjaya Corporation shares was one of the most actively traded counters. It has now passed the 30 sen mark.
Tan Sri Vincent Tan told the Star in an exclusive interview (27 March 2021) that “it is his wish that none of his children would be involved in the listed businesses” of the Berjaya Group. With Jalil Rasheed now on board as Group CEO, the Tan Sri said he will be stepping back and allow professional managers to run the show. He is publicly giving Jalil Rasheed free rein to do what he has been appointed to do. This is not the first time that Tan Sri Vincent Tan has voiced his intention publicly to take a less active role in the management of his conglomerate. When he turned 60 in 2012, he handed over the reins to his son, Dato’ Sri Robin Tan, announcing that he would be focusing more on his philanthropic work. Then in November 2017 he returned as Executive Chairman of Berjaya Corp. “I will be 70 in 2022, I think that is enough,” he said.
Currently, Tan Sri Vincent Tan’s children are on the following boards of the Berjaya Group:
Berjaya Corporation Berhad
Dato' Sri Robin Tan (Deputy Executive Chairman) and
Nerine Tan Sheik Ping, 44 (Executive Director)
Berjaya Land Berhad
Nerine Tan Sheik Ping (Executive Director) and
Chryseis Tan Sheik Ling, 33 (Executive Director)
Berjaya Sports Toto Berhad
Nerine Tan Sheik Ping (Chief Executive Officer)
Berjaya Food Berhad
Chryseis Tan Sheik Ling (Director)
Berjaya Assets Berhad
Chryseis Tan Sheik Ling (Executive Director),
Tan U-Peng, 28, is a key senior management team member
Berjaya Media Berhad
Dato' Sri Robin Tan (Chairman)
7-Eleven Malaysia Holdings Bhd
Tan U-Ming, 34 (Co-Chief Executive Officer)
In the months ahead, will there be changes made to the senior management positions currently held by the Tan Sri’s children?
Presently, listed Berjaya Corporation has under its umbrella 4 other listed subsidiaries, Berjaya Land Berhad, Berjaya Sports Toto Berhad, Berjaya Food Berhad and REDtone Digital Berhad. It has also 4 listed related companies – Berjaya Assets Berhad, Berjaya Media Berhad, 7-Eleven Malaysia Holdings Berhad and Bermaz Auto Berhad.
7-Eleven Holdings also owns the Caring Pharmacy Group which operates more than 100 stores in the Klang Valley, Melaka and Johor regions under the “CARING” brand name. Caring Pharmacy Berhad was delisted from Bursa Malaysia on 8 May 2020 after a successful takeover by 7-Eleven Holdings. It is reportedly on an acquisition trail to extend its footprint in the Northern region by picking up other pharmacy chains.
- The Star Online. 27 March 2021. Wong Chun Wai. Vincent Tan passes the baton.
- The Edge Markets. 16 March 2021. Adam Aziz. Jalil Rasheed emerges as 'first non-family member' CEO of Berjaya Corp. https://www.theedgemarkets.com/article/jalil-rasheed-emerges-first-nonfamily-member-ceo-berjaya-corp
- The Star Online. 2 November 2017. M. Mahfidz Mahpar. Vincent Tan returns to BCorp as executive chairman. https://www.thestar.com.my/business/business-news/2017/11/02/vincent-tan-returns-to-bcorp-as-executive-chair
- The Malaysian Reserve. 29 August 2019. Nur Haziqah a Malek. PNB appoints Jalil Rasheed as new CEO. https://themalaysianreserve.com/2019/08/29/pnb-appoints-jalil-rasheed-as-new-ceo/
- The Malay Mail. 17 March 2021. Berjaya Corporation shares surge 17pc on appointment of Abdul Jalil Rasheed as group CEO | Money | Malay Mail
- The Star Online. 5 October 2020. 7-Eleven's Caring Pharmacy hits the acquisition trail. https://www.thestar.com.my/business/business-news/2020/10/05/7-eleven039s-caring-pharmacy-hits-the-acquisition-trail
- Business Today. 5 May 2020. https://www.businesstoday.com.my/2020/05/05/caring-pharmacy-to-delist-from-bursa/#:~:text=On%20May%208%2C%20after%20six,7%2DEleven%20Malaysia%20Holdings%20Bhd.
- The Edge Markets. 5 October 2020. Syahirah Syed Jaafar. https://www.theedgemarkets.com/article/7elevens-caring-pharmacy-unit-spends-rm4886m-new-acquisitions