by RUPINDER SINGH / graphic TMR

REVENUE Group Bhd has confirmed that Danny Leong Kah Chern will be stepping down as group CEO, just slightly over two months after having first accepted the position on Jan 6, this year.

However, the embattled company told the stock exchange today that it has asked Leong to reconsider his decision.

“Danny Leong has tendered his resignation, where the board has asked him to reconsider his decision and the board understands he is indeed, re-considering it,” said the company.

The company added that it has taken swift actions to search for suitable replacements and has since appointed new executive and independent directors.

“We believe the collective experience and knowledge of the latest board members provide the group with enhanced governance, leadership, and overall management quality,” it said.

Revenue said it will release the necessary announcements in a timely manner should there be any further developments on the above matter.

Revenue Group was banking on Leong to elevate the group to the next level based on his track record, particularly in payments and technology-related sectors.

When appointed as group CEO in January, Leong’s focus was to ensure solid business continuity with uninterrupted operations and formulate long-term strategies to ensure sustainable profit growth for the group moving forward.

Revenue has been in the news lately when it suspended the executive functions of its co-founders Dino Ng Shih Fan and his brother Brian Ng Shih Chiow In January after several complaints were lodged against the pair.

Yesterday, both Brian Ng and Dino Ng resigned from the company’s board due to their not wanting to be on the same board as the current directors. While the brothers have vacated their ED posts, Dino remains as the group’s largest shareholder with 85.38 million shares or a 17.71% stake.

On March 14, in an unexpected move, Revenue Group’s former MD cum alternate chairman Datuk Eddie Ng Chee Siong resigned due to personal matters. Eddie Ng, who was also the group’s co-founder, offloaded his entire 25.34 million shares or 5.26% stake in the group.

Revenue Group’s boardroom has seen a total overhaul lately as EDs Lai Wei Keat, Ooi Guan Hoe, Loo Jo Anne, Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong announced their resignations.

On March 13, the group had appointed Ng Kuan Horng as its new CFO, as well as five new directors to its board including Teh Chee Hoe as the ED along with four independent, non-EDs Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson and Krishnan Dorairaju.

Shares in Revenue Group closed down four sen or 10.81% at 33 sen, giving the group a market capitalisation of RM159 million.