KUALA LUMPUR (Aug 17): Wasco Greenergy Bhd (KL:GENERGY) announced on Monday that its CEO Lee Yee Chong, 57, is set to retire from the company on Dec 31, 2026.

Lee joined energy infrastructure solutions provider Wasco Bhd (KL:WASCO), formerly Wah Seong Corporation Bhd, in 1995 and has held several key leadership positions across the group and its subsidiaries since. He became CEO of its green energy arm, Wasco Greenergy, back in September 2024.

As part of the leadership transition, Wong Yin Kee, 48, was appointed as the group managing director with immediate effect, according to Wasco Greenergy's bourse filing.

Lee owns 321,900 shares in Wasco Greenergy — which is principally involved in the engineering, procurement, construction and commissioning of steam energy systems such as biomass and industrial boilers, and supporting facilities — translating into a direct stake of about 0.064%.

Wong, meanwhile, has 1.96 million shares in Wasco Greenergy, a 0.39% direct stake. He was previously managing director of ENGIE South East Asia, a post he held from September 2020 to June 2026.

Wasco Greenergy’s share price closed 2.5 sen or 6.3% higher at 42 sen on Monday, for a market capitalisation of RM210 million. Listed on the Main Market of Bursa Malaysia in December 2025, the stock is down 58% from its initial public offering price of RM1.

Its quarterly net profit has been trending downwards post-listing. Ahead of its listing, the group posted a net profit of RM8.54 million in its third quarter ended Sept 30, 2025 (3QFY2025), which fell to RM7.5 million in 4QFY2025, and to RM4.08 million in 1QFY2026, as revenue contracted from RM72.41 million to RM67.97 million, and subsequently to RM54.37 million.