KUALA LUMPUR (Feb 27): Genting Bhd (KL:GENTING) announced on Thursday that Tan Sri Lim Kok Thay is set to relinquish his role as the group's chief executive officer (CEO), a position he has held since 2007. Lim will, however, continue to serve as executive chairman of the group.

Datuk Seri Tan Kong Han will succeed Lim as CEO, the group said. Tan has been the group's president and chief operating officer for 18 years. He is also an executive director in Genting.

The change will take effect on March 1, Genting said in a filing with Bursa Malaysia.

Separately, Genting Plantations Bhd (KL:GENP) announced that Tan will step down from his position as its CEO, but will stay on as an executive director of the company.

Lim holds a 44.01% stake in Genting via Kien Huat Realty Sdn Bhd and Kien Huat International Ltd, according to Genting's FY2023 annual report.

Lim also holds key positions in subsidiaries of Genting, including 49.3%-owned Genting Malaysia Bhd (KL:GENM), 55.4%-owned Genting Plantations and 49.6%-owned Genting Singapore Ltd. 

In Genting Malaysia, Lim is the group deputy chairman and chief executive.

He is the deputy chairman cum executive director at Genting Plantations and the executive chairman at Genting Singapore.

Shares of Genting closed up three sen or 0.8% to RM3.73 on Thursday, giving the group a market capitalisation of RM14.46 billion. Over the past one year, the stock has dropped 24%.

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