The two newly appointed group chief executive officers (CEO) of Berjaya Corp Bhd (BCorp) will focus on improving group synergies and efficiency.
Syed Ali Shahul Hameed and Vivienne Cheng Chi Fan have been appointed as BCorp's joint group CEOs, effective April 1, 2022.
This follows the resignation of BCorp's current CEO, Abdul Jalil Abdul Rasheed, who will step down on Thursday (March 31).
Syed Ali, who joined the Berjaya Group in 1997, has been named an executive director of BCorp as well.
Tan Sri Vincent Tan Chee Yioun, founder and chairman of BCorp, thanked Jalil for his service and wished him well in his new endeavours.
According to a statement issued yesterday, Tan said that both Cheng and Syed Ali are Berjaya veterans who bring a wealth of experience to the BCorp group.
Syed Ali was most recently the CEO of Berjaya Land Bhd (BLand), a publicly traded subsidiary of BCorp, which he will now leave.
"I am honoured and excited to assume this new role and responsibility with Vivienne Cheng. We are looking forward to work closely with all our stakeholders to determine the best strategic direction to move the organisation forward. We will continue to streamline the organisation while focusing on transformation," he told NST Property when contacted.
BCorp has four listed subsidiaries namely BLand, Berjaya Sports Toto Berhad, Berjaya Food Berhad, and REDtone Digital Berhad, and its related ompanies are Berjaya Assets Berhad, Berjaya Media Berhad, 7-Eleven Malaysia Holdings Berhad, and Bermaz Auto Berhad.
In the second quarter ending December 31, 2021, the group reported revenue of RM2.05 billion, up from RM1.94 billion in the previous year's corresponding quarter.
Its pre-tax profit increased significantly to RM231.65 million from RM35.875 million in the previous year's corresponding quarter.
This translated to 5.9 per cent (revenue) and 546 per cent (pre-tax profit) increases.
Syed Ali was in charge of some of Malaysia's most visible and sought-after developments while at BLand, including The Tropika Bukit Jalil.
During his 25 years stint in BLand Group, he was involved in due diligence and technical aspects of the Inter-Continental and Sheraton Hotels in Hanoi, Vietnam, as well as BCorp's trophy assets, the Four Seasons and Ritz-Carlton projects. He was also heavily involved in the Four Seasons project in Kyoto, Japan, and the Ritz Carlton Residences in Kuala Lumpur.
In February 2020, BCorp's subsidiary, Kyoto Higashiyama Hospitality Assets Tokutei Mokuteki Kaisha (KHHA), entered into a real property trust beneficial interest purchase and sale agreement with Tigre, a Japanese firm, to sell Four Seasons Kyoto for approximately RM1.87 billion.
BCorp profited more than RM600 million from the sale.
Syed Ali, who earned his bachelor's degree from Bharathiar University in Tamil Nadu, India, has always believed that the foundation of a well-managed property begins with the design of the building itself.
Meanwhile, Datuk Abdul Rahim Mohd Zin has been named the new CEO of BLand, effective April 1, following Syed Ali's departure to BCorp, according to the statement.
Abdul Rahim, a chartered accountant, has 35 years of experience in a variety of fields, including banking, finance, oil and gas, shipping, and food and beverage.
He is the current CEO of Landasan Lumayan Berjaya Sdn Bhd and an executive director of Berjaya Group Bhd, a BCorp subsidiary.
BLand also announced changes to its board of directors, which will take effect on April 1, 2022.
Syed Ali has been renamed deputy chairman, and Tan Tee Ming has been appointed executive director, succeeding Nerine Tan Sheik Ping, who is stepping down as BLand's executive director.
Tee Ming was previously the senior general manager of BLand's property sales and marketing division.
Vincent Tan believes they will be critical in guiding the BLand Group to even greater success in the future.
Meanwhile, Abdul Jalil tweeted (@jalilword) yesterday that he had informed BCorp's board of his intention to step down after a year as Group CEO of BCorp, and take some time off to pursue a personal venture he was working on.
"I've been wanting to do this venture [which will have a social impact angle], for a while but never got around to doing it due to a time commitment. I have also missed the investment world tremendously. Got to do it whilst I'm energetic. It's a big risk, [scary too,] and huge decision to step down, but I have to give this a try now. It may work or it may not. If it does not, then at least I gave it a go. Life perspectives have also changed with wanting to spend more time with growing children," he wrote.
Jalil stated in a series of tweets that he will make himself available for any interesting Board roles because he has not yet turned 40 and thus qualifies as a "young diversity board hire," allowing him to continue to contribute strategically.
He also thanked Vincent Tan for the opportunity.
"It was always a left-field decision when he brought me in for this role. But one must always give great opportunities a go. An amazing experience that did test the boundaries and gave me a front-row seat to Malaysia Inc. Most importantly I got to be involved with sectors I enjoy like retail, hospitality, and football," he said.
"As for Berjaya, we announced the appointment of Co-CEOs, both internal appointments to replace me. Some management and board reshuffles were also made at the holding company and subsidiary levels. Continuity is there," he said.