KUALA LUMPUR (June 2): IOI Properties Group Bhd has redesignated Lee Yeow Seng as its chief executive officer, effective from July 1.

Yeow Seng, who is currently the group's executive vice-chairman, replaces Datuk Voon Tin Yow, who will be retiring on the same day.

According to a bourse filing with Bursa Malaysia on Friday (June 2), Yeow Seng joined the board of IOI Properties on Feb 23, 2013 as an executive director.

He previously held the position of the CEO of IOI Properties from Jan 8, 2014, and was subsequently redesignated as the executive vice-chairman on April 15, 2020.

A barrister-at-law from the Bar of England & Wales by Inner Temple, Yeow Seng is also a non-independent non-executive director of IOI Corp Bhd.

He and his siblings Datuk Lee Yeow Chor and Lee Yoke Har — who also sit on the board of IOI Properties — are also major shareholders of IOI Properties through Vertical Capacity Sdn Bhd, which owns 3.62 billion shares equivalent to a 65.67% stake.

Meanwhile, Yeow Seng himself holds 71.32 million shares representing a 1.30% stake.

Voon caps a lengthy 39-year career in real estate, which included senior positions with developers S P Setia Bhd and Eco World Development Group Bhd.

He was appointed as the CEO of IOI Properties on April 15, 2020, and was tasked with overseeing the various business segments, namely property development, property investment as well as hospitality and leisure, in addition to taking the lead in executing strategies for the group's sustainable growth.

At the noon break on Friday, IOI Properties' share price was down two sen or 1.82% at RM1.08, giving it a market capitalisation of RM5.95 billion.