Khoo Kay Peng retires as MUI Group executive chairman, son to take over
DEC 13, 2018, Malay Mail
The tycoon has officially announced his retirement today as executive chairman of Malayan United Industries Berhad (MUI) after helming the group for four decades. ― Picture by Choo Choy May
KUALA LUMPUR, Dec 13 — Tan Sri Khoo Kay Peng has officially announced his retirement today as executive chairman of Malayan United Industries Berhad (MUI) after helming the group for four decades.
In a statement made available to the press, Khoo’s son Andrew Khoo Boo Yeow has subsequently been appointed the executive chairman by MUI’s Board after assuming the role of Group CEO from January 1 this year.
“A prominent Malaysian corporate captain, Khoo was admired for his genius in transforming MUI from a small manufacturer of toothbrushes and carton boxes into a large multi-national and multi-industry group.
“Though shying away from media publicity, he was constantly in the public limelight during the heydays of MUI in the 1980’s and early 1990’s when under his leadership, MUI mounted a series of well-publicized major acquisitions,” it said.
MUI Group currently occupies a diverse and multinational business footprint comprising retailing, property development, hotels, chocolate manufacturing and financial services.
It owns and operates six hotels in the UK and two hotels in Malaysia under the Corus brand. It also owns two Laura Ashley boutique hotels in the UK and Living Quarters in Malaysia.
Paying tribute to his father, Andrew said his father has left a huge legacy that was near-impossible for anyone to replicate.
“Nevertheless, I shall always look up to what he has achieved, draw inspiration from his remarkable achievements, and continue to follow the values he espoused as I begin to chart a new course for the MUI Group,” he said.
Malay Mail previously interviewed Andrew following his appointment as then CEO a year ago.
He said the group will focus on the four core businesses — retail, hospitality and property and food — to ensure the group’s continued growth.
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