Genting Malaysia Bhd announced that its long-serving president, Datuk Seri Lee Choong Yan, has been redesignated as a senior adviser and is scheduled to step down from this role in May. In line with his upcoming retirement from the senior adviser position, Lee will also transition from his current executive director role to serve as a non-executive director, according to the group’s filing with Bursa Malaysia on Monday.
Lee, 65, has been a prominent figure in Genting Malaysia’s leadership for nearly two decades. He was first appointed as president and chief operating officer in August 2006, a role in which he played a central part in overseeing the group’s operations and strategic growth. In January 2020, Lee joined Genting Malaysia’s board as an executive director while continuing to hold the president’s post, reflecting his integral role within the company.
In addition to his responsibilities in Malaysia, Lee also serves as the CEO of Genting UK Plc, the group’s UK-based subsidiary. Genting UK owns and operates more than thirty casinos, including the integrated resort Resorts World Birmingham, and is a key contributor to the group’s international operations.
Despite the announcement of Lee’s upcoming redesignation and retirement from active executive duties, Genting Malaysia has not disclosed a succession plan in its Bursa filings, leaving investors and market watchers speculating on who might succeed the veteran executive in the president’s role.
The market responded cautiously to the news, with GenM shares closing six sen, or 2.86%, lower at RM2.04 on Monday, giving the group a market valuation of RM12.11 billion.
Lee’s long tenure and dual responsibilities in Malaysia and the UK underscore his significant contribution to Genting Malaysia’s expansion and operational success over the past 20 years. His transition to a non-executive role is expected to allow the group to benefit from his experience while enabling a new generation of leaders to step into operational roles.
