By LYDIA NATHAN / Graphic By TMR
Malayan United Industries Bhd (MUI) executive chairman Tan Sri Khoo Kay Peng has stepped down from his post after serving for four decades and will be replaced by his son, Andrew Khoo Boo Yeow.
In a statement released yesterday, MUI noted that Khoo transformed MUI from a small maker of toothbrushes and carton boxes, into a multinational and multi-industry company.
MUI owns renowned business brands such as Laura Ashley and Corus Hotels in the UK, as well as Metrojaya and Living Quarters in Malaysia.
At its height in the 1980s and early 1990s, MUI was a diversified business with interests in commercial banking, finance companies, general insurance, hotels, properties, cement manufacturing, sugar ref ining, as well as overseas investments.
Khoo also sat on the boards of Malayan Banking Bhd, SCMP Group Ltd (South China Morning Post), Hong Kong-based Bank of East Asia Ltd and Northwest University in the US.
His replacement, Andrew, has served as group CEO since Jan 1, 2018.
In a previous news report, Andrew said the group will now focus on the four core businesses of retail, property, food and hospitality as it becomes a more lifestyle-driven group.