KUALA LUMPUR (Aug 30): Sabah-based plantation company TSH Resources Bhd (KL:TSH) announced changes to its board and management on Friday, including the redesignation of its co-founder Datuk Kelvin Tan.

Tan will take on the role of executive chairman effective Sept 1, the company said in a statement. Currently the chairman and non-executive director, Tan is the elder brother of Tan Aik Sim, who will step down as managing director due to health reasons, and of executive director Tan Aik Kiong.

TSH also named Velayuthan Tan Kim Song, or Vela Tan, as the director in charge of plantation operations. He was previously the chief executive officer and managing director of IJM Plantations Bhd, which was delisted in November 2021 following a takeover by Kuala Lumpur Kepong Bhd (KL:KLK).

Vela Tan will be supported by R Krishna Moorthy, who brings over 36 years of top managerial experience from plantation groups in Malaysia and Indonesia.

“Together, they will focus on accelerating the development of TSH's extensive unplanted land bank in Indonesia while driving productivity and efficiency improvements,” TSH said.

Other changes include the appointment of TSH's former chief financial officer Michael Wong to the position of strategy director. Wong’s position will be filled by senior finance general manager Fong Ging Pang.

Further, Ina Hasniza Ibrahim, a former managing director of CIMB Bank Malaysia Bhd and regional Islamic treasurer of CIMB Islamic Bank Bhd, will join the board as an independent director.

TSH Resources shares closed unchanged at RM1.15 on Friday, giving the group a market capitalisation of RM1.59 billion. The counter has risen over 18% since the start of this year.