KUALA LUMPUR (Feb 10): Financial services provider Excel Force MSC Bhd’s co-founder, Wang Kuen-Chung @ Jeff Wang, who was previously the group's executive chairman as well as the managing director, has given up his chairmanship to Datuk Norraesah Mohamad, 69.

Wang, however, remains the managing director of the company, according to Excel Force's bourse filing today. The change is immediate.

"Presently, Jeff Wang is responsible for the overall planning and management of the business and operations of the company," said Excel Force.

Wang founded the company in 1994 together with his wife Sharon Sun. They set up Excel Force Sdn Bhd, and then restructured the business and assets of the company into Excel Force MSC Bhd, which they listed in 2004.

China-born Wang, aged 61, graduated from Dan Jiang University, Taiwan, with a Bachelor of Commerce Degree majoring in International Trade.

Meanwhile, the new chairman Norraesah, who was a senator between 2005 and 2008, is also a director in five other companies, namely Adventa Bhd, Malaysian Genomics Resource Centre Bhd, Pecca Group Bhd, Institut Kajian Pembangunan Bangsa, and MY E.G. Services Bhd.

In her earlier years, Norraesah was managing director with a consulting firm which provides financial and consulting services, and the chief representative of Credit Lyonnais Bank here, before her appointment as chairman of Bank Kerjasama Rakyat Malaysia.