Khoo retiring as MUI chairman, son to take over
TheStar
Fri, Dec 14, 2018
He has been succeeded by his son, 46-year-old Andrew Khoo Boo Yeow, who assumed the role of group CEO on Jan 1 this year.
PETALING JAYA: Prominent Malaysian corporate captain Tan Sri Khoo Kay Peng is retiring as executive chairman of Malayan United Industries Bhd (MUI) after having helmed the company for four decades.
He has been succeeded by his son, 46-year-old Andrew Khoo Boo Yeow, who assumed the role of group CEO on Jan 1 this year.
Under Khoo’s stewardship, MUI was transformed from a small
manufacturer of toothbrushes and carton boxes into a large
multi-national and multi-industry group.
Although he shied away from publicity, he was constantly in the
limelight during the heydays of MUI in the 1980s and early 1990s when,
under his leadership, MUI mounted a series of well-publicised major
acquisitions. Today, the group’s businesses entail retail, property
development, hotels, chocolate manufacturing and financial services.
The group operates several renowned business brands such as Laura
Ashley and Corus Hotels in the United Kingdom, as well as Metrojaya and
Living Quarters in Malaysia.
Some of its established fashion brands include the East India
Company, Somerset Bay, Zona and Cape Cod, while the group’s popular
chocolate brands include Crispy, Tango, Kandos and Tudor Gold.
Khoo’s illustrious career included several high-profile
appointments as chairman of the Tourist Development Corp (now known as
the Malaysia Tourism Promotion Board), vice-chairman of Malayan Banking Bhd and trustee of the National Foundation.
He also sat on the boards of SCMP Group Ltd (South China Morning
Post) and Bank of East Asia Ltd in Hong Kong, as well as Northwest
University in the United States.
For his contributions to society, Khoo was conferred honorary
doctorate degrees by three universities – Curtin University of
Technology, Australia; Northwest University, US; and UCSI University,
Malaysia.
Among the business accolades he has received are the “Manager of
the Year Award” by the Harvard Business School Alumni Club of Malaysia,
the “Entrepreneur of the Year Award” by the Asian Institute of
Management Graduates’ Association of Malaysia jointly with the
Association of Banks, the “Lifetime Achievement Award for Leadership in
Global Business” by the Asian Strategy and Leadership Institute, and
another “Lifetime Achievement Award for Entrepreneurship” by Enterprise
Asia.
Khoo was also presented with a medal by the United States
Commission on International Religious Freedom, which was established by
the US Congress.
Paying tribute to his father, Andrew said: “He has left a huge legacy that’s 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.”
