(Bloomberg) -- Malaysian tycoon Vincent Tan is ceding executive control of a company he founded almost 40 years ago, weeks after he hired an outsider to reorganize his family empire battered by the pandemic.
Berjaya Corp. said in a statement Monday that Tan will remain as chairman but without any executive role. The move is in line with his goal to turn the group into an institutionalized corporation, managed by professionals, it said.
Shares of Berjaya have more than doubled since Abdul Jalil bin Abdul Rasheed was named group chief executive officer on March 16. He has been tasked to overhaul Tan's family empire and “future-proof” it from future shocks. Berjaya's businesses span hotels, property, betting to autos and insurance.
It is “important to give Jalil space and freedom to run Berjaya in his own style,” Tan said in the statement. “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.”
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