This article first appeared in The Edge Malaysia Weekly on September 22, 2025 - September 28, 2025

Family-run businesses can often be a source of pride, stability and long-term vision. But when family dynamics sour, the same ties that bind can also unravel a company from within, as is the case with Greenyield Bhd (KL:GREENYB), where a family feud has spilled over into the public domain, raising serious concerns about governance and leadership stability.

A power struggle is underway between Greenyield group CEO Tham Kin-On and three of his uncles — deputy non-executive chairman Tham Foo Choon, Tham Chong Sing and Tham Fau Sin — all of whom are substantial shareholders. The trio, alongside four other shareholders holding a combined 51.1% stake, sought an extraordinary general meeting (EGM) to remove Kin-On, along with directors Tham Kinyiq and Tham Kin Wai, and to appoint Chong Sin Hao as director.

The seven shareholders expressed concerns about what they claimed to be the company’s unsatisfactory performance and the declining confidence in Kin-On’s leadership. Kin-On was appointed to his current position on Feb 12, 2025.

Filings with Bursa Malaysia reveal that Greenyield, which deals in plantation inputs, rubber estates and household goods, has been operating at a loss since its financial year ended Dec 31, 2023 (FY2023). The group attributed its under-performance to geopolitical risks, inflationary pressures and low rubber prices, which dampened consumer demand and particularly impacted its household goods segment.

On Sept 17, Greenyield’s board rejected the request for an EGM, saying the proposed resolutions were “unclear” and not in the group’s best interests. Last Friday, Kin-On resigned, citing personal reasons.

Greenyield is now bogged down in internal conflict instead of addressing operational challenges.

In the end, the biggest losers in this leadership drama are the minority shareholders. Unless the major shareholders refocus on business fundamentals and restore board cohesion, Greenyield risks further deterioration — not just in profit but also trust.

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