This article first appeared in The Edge Financial Daily, on October 9, 2015.

KUALA LUMPUR: Teo Guan Lee Corp Bhd has announced the retirement of three of its top executives, including its group managing director Datuk Toh Peng Hoe, effective Nov 26, 2015.

Peng Hoe, 79, is retiring after 21 years at the helm of the company. He was appointed to his present post on Aug 9, 1994.

According to Teo Guan Lee’s annual report 2014, Peng Hoe has 57 years of business experience and possesses in-depth knowledge and expertise of the garment trade. With his vision and stewardship, he has taken the group from a small family business to an established importer and wholesaler and guided the group to the eventual listing on the Second Board of Bursa Malaysia.

Peng Hoe is a substantial shareholder of Teo Guan Lee, with a 66.78% stake.

In separate filings with Bursa Malaysia yesterday, the group also announced the retirement of its executive directors, namely Toh Ping Hai, 75, and Toh Peng Hua, 70. Both Ping Hai and Peng Hua were appointed to the board of directors on Aug 9, 1994, and are substantial shareholders of Teo Guan Lee.

Ping Hai has more than 50 years of working experience within the group, overseeing the business development and expansion of the group. Peng Hua, meanwhile, is currently the managing director of Teo Guan Lee (KL) Sdn Bhd, responsible for managing and overseeing the day-to-day management, strategic business planning and operations of the company and its subsidiaries. 

Teo Guan Lee shares closed one sen or 0.8% higher at RM1.26 yesterday, bringing a market capitalisation of RM51.34 million.