Mr DIY founder Tan Yu Yeh, 54, is to become an advisor to the home improvement group.
PETALING JAYA: Tan Yu Yeh, founder of the Mr DIY Group, will step down from his position as executive vice-chairman on April 17 for an advisory role.
Mr DIY said in a statement to Bursa Malaysia that Tan, 54, is to become an adviser to the home improvement retail group.
Tan is the primary shareholder of Mr DIY, with a 50.04% stake in Mr DIY through his investment firm, Bee Family Ltd, and a 0.32% direct stake. He has held the executive vice chairman position since June 2016.
He has an estimated net worth of US$1.3 billion, and is listed on the Forbes Malaysia Rich List at No. 17.
In a separate announcement, Mr DIY announced the appointment of Tan’s nephew, Tan Shie Haur, 42, as a non-independent and non-executive director, from April 17th.
He is currently the chief executive officer of MDIH (Singapore) Pte Ltd, a holding company with similar retail operations to Mr DIY in Turkey, Spain, Vietnam, Bangladesh, Poland, Romania, and South Africa.
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