Lee Yeow Seng resigns from IOI Corp board after over 18 years
The departure allows him to concentrate on IOI Properties, where he is group chief executive, as well as his responsibilities at its real estate investment trust.
Malaysian palm oil producer IOI Corp said Lee Yeow Seng had resigned from its board with immediate effect to concentrate on running IOI Properties Group, the property business within his family's conglomerate.
In a Bursa Malaysia filing, the company said the 47-year-old was leaving his non-independent, non-executive directorship. His board service began in June 2008 and lasted more than 18 years.
Lee is group chief executive of IOI Properties and executive chairman of IOIPG Malaysia Real Estate Investment Trust, which is due to list on Bursa Malaysia. IOI Corp said his exit would give him more time for his leadership duties and the property group's strategic priorities, The Edge Malaysia reported.
The company said the resignation did not involve any disagreement with its board or any matter needing shareholders' attention. It also named Yeo How an independent non-executive director, with his appointment taking effect on the day of Lee's departure. Yeo holds the lead independent non-executive director role at IOI Properties, according to the New Straits Times.
Lee and his brother, Lee Yeow Chor, own 49.8% of IOI Corp through Progressive Holdings. Their holding in IOI Properties is 65.7%, through Vertical Capacity.
