Vincent Tan takes a step back by giving up his executive role in BCorp

BERJAYA Corp Bhd executive chairman Tan Sri Vincent Tan Chee Yioun will officially resign from his position as executive chairman of BCorp with effect from today.

He will nevertheless remain on the board of the diversified conglomerate as the non-executive chairman. This is in line with his vision to transform the BCorp Group into an institutionalised corporation, managed by professionals.

To re-cap, BCorp has appointed former Permodalan Nasional Bhd (PNB) president and CEO Abdul Jalil Abdul Rasheed to the Board on March 16 with a mandate to transform the BCorp group into a high performing organisation.

This is to be achieved through streamlining the various group businesses to create and enhance shareholders’ value, optimising financial and human resources, improving synergies and efficiency as well as enhancing corporate governance and transparency.

“With Jalil on board as Group CEO, handling the strategic and operational decision-making and planning the future business direction of the BCorp group together with executive deputy chairman Datuk Seri Robin Tan, I am confident that the BCorp group is in capable hands and would be able to move forward progressively towards greater heights,” commented Vincent Tan who is the BCorp founder.

“It is also important to give Jalil space and freedom to run Berjaya in his own style. I can now take a step back from active day-to-day involvement in the group’s businesses and devote more of my time and energy to promoting charitable initiatives and other interests.

“I have been blessed with my fortune and am thankful for the many opportunities Malaysia has given me. Now it’s time to give back.”

Vincent Tan said he is particularly passionate about building affordably priced homes for Malaysians as housing is a basic need and essential for a person’s sense of dignity, safety and inclusion.

“In the last two years, the Better Malaysia Foundation has assembled a ‘brain trust’ of like-minded professionals to help formulate innovative solutions to address the affordability gap faced by low-income Malaysians, namely the B40 households,” he enthused.

“We are launching a new social enterprise programme with one national goal, which is to assist our Government’s efforts to solve the home ownership needs for low-income Malaysians through innovative and sustainable solutions.

“Our Government has always been passionate about providing affordable homes for low-income Malaysians. We believe that the new social enterprise programme will be able to complement the Government’s affordable housing agenda.”

Jalil who will spend the first three months to do a strategic review of the BCorp group said he is currently working with Robin Tan and the BCorp board to kickstart the transformative process, thus bringing the future vision for the Berjaya group patriarch’s to fruition.

“BCorp is a very diversified group and I am meeting my new colleagues in the various businesses to identify core and non-core assets and clustering the group into consumer verticals, in line with our vision to become a diversified consumer group,” noted Jalil.

“We will engage with the public and investment community when we are ready to unveil our strategic plan.”

At the close of today’s morning session, BCorp was up 2 sen or 4.44% at 47 sen with 104.5 million shares traded, thus valuing the company at RM2.47 bil. – April 5, 2021

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