KUALA LUMPUR (Oct 23): Two third-generation members of the Yeoh family have taken up alternate executive director roles at YTL Hospitality Real Estate Investment Trust (KL:YTLREIT), with Yeoh Keong Shyan switching from representing his aunt to his father, while Yeoh Pei Xien has been newly appointed to the role.
Keong Shyan, 40, has been redesignated as alternate executive director to his father, Tan Sri Francis Yeoh Sock Ping, executive chairman of Pintar Projek Sdn Bhd, the manager of YTL Hospitality REIT. He previously served as alternate director to his aunt, Datuk Yeoh Soo Min, an executive director of Pintar Projek.
Meanwhile, Pei Xien, 25, has been appointed as alternate executive director to Soo Min. She is the daughter of Pintar Projek chief executive officer Datuk Yeoh Seok Kah and also serves as an alternate executive director at YTL Corporation Bhd (KL:YTL) and YTL Power International Bhd (KL:YTLPOWR).
The latest changes follow a series of appointments involving 12 third-generation members of the Yeoh family across three YTL group-listed companies in September, fuelling speculation that the moves form part of preparations for leadership succession.
The earlier appointments involved YTL Corp, YTL Power and Malayan Cement Bhd (KL:MCEMENT), with most of the younger family members, aged between 25 and 41, taking up alternate director positions to their parents.
All 12 are grandchildren of the late YTL group founder Tan Sri Yeoh Tiong Lay and Puan Sri Tan Kai Yong, with all seven branches of the family’s second generation represented in the appointments.
YTL Hospitality REIT shares closed half a sen, or 0.52%, higher at 96.5 sen on Friday, giving the trust a market capitalisation of RM1.73 billion. The counter has fallen 13.1% year to date