KUALA LUMPUR (Oct 1): Formosa Prosonic Industries Bhd (KL:FPI) has redesignated executive director Cheong Hong Yip, 58, as its new managing director, effective immediately.

According to separate filings with Bursa Malaysia, the audio products manufacturer said group managing director Shih Chao Yuan, 70, will be redesignated as a non-executive director following the change.

Taiwanese national Shih was the company's largest shareholder before gradually paring down his stake from the start of the year. On Sept 11, he ceased to be a substantial shareholder.

He disposed of his entire 76.07 million-share stake in the company, worth an estimated RM87.5 million based on the separate transactions, according to Bursa Malaysia filings.

Cheong was first appointed to the board on Aug 4, 2026. He holds a 0.39% direct stake and a 0.129% indirect stake in the company.

Before his appointment as executive director, he was general manager of Formosa Prosonic. He joined the company in its purchasing department and was subsequently trained across several functions within the group and its manufacturing divisions, including quality control, shipping, production engineering and warehouse management.

He was also involved in the preparation and closing of divisional accounts. Formosa Prosonic said Cheong has participated in FPI's strategic management meetings for more than 20 years.

Cheong holds a Bachelor's degree in international business from National Taiwan University, Taiwan.

Shares of Formosa Prosonic fell one sen or 1% to RM1.04 at Thursday's market close, valuing the group at RM281.2 million.