KUALA LUMPUR (April 4): Mr DIY Group (M) Bhd (KL:MRDIY) said its founder Tan Yu Yeh will relinquish his role as the executive vice chairman of the home improvement retailer, effective April 17.

Yu Yeh, 54, is giving up the position as he intends to take on the role of adviser to the group, said Mr DIY in a filing with Bursa Malaysia on Friday.

Yu Yeh, who is the largest shareholder of Mr DIY, has been the group’s executive vice chairman since June 2016.

He holds a 50.04% indirect stake in Mr DIY via his investment vehicle, Bee Family Ltd. He also owns a 0.32% direct stake in the company, according to the latest filing.

Yu Yeh was back in the Forbes Malaysia Rich List this year, at No 17, with a net worth of US$1.3 billion. He first appeared on the list in 2021, after Mr DIY listed on Bursa Malaysia in October 2020, but failed to make it onto the list last year.

In a separate filing, Mr DIY announced the appointment of Tan Shie Haur, 42, as its non-independent and non-executive director, effective April 17.

Shie Haur is the nephew of Yu Yeh. He is currently the chief executive officer of MDIH (Singapore) Pte Ltd, a holding company with similar businesses to Mr DIY which operates in Turkiye, Spain, Vietnam, Bangladesh, Poland, Romania and South Africa. Yu Yeh is also the major shareholder of MDIH Singapore.

Mr DIY shares closed unchanged at RM1.47 on Friday, valuing the group at RM13.92 billion.