IJM Corp Bhd has confirmed that the upcoming retirement of its chairman Tan Sri Krishnan Tan is part of a long-planned leadership transition, with the company’s strategy, management direction and business priorities remaining unchanged.
In a statement, IJM said Tan had previously indicated that his current board term would be his final one. His decision not to seek re-election at the company’s upcoming Annual General Meeting (AGM) reflects an orderly succession process for the group.
“The group’s strategy, management team and business priorities remain unchanged as IJM continues executing its long-term growth plans,” the company said.
Tan will officially step down as chairman following the conclusion of IJM’s AGM scheduled for Aug 27, marking the end of an approximately 42-year association with the company.
During his extensive tenure, Tan played a key role in shaping IJM’s growth and transformation into one of Malaysia’s leading diversified construction and infrastructure groups. The company said he contributed significantly through various leadership positions as IJM expanded its presence and capabilities over the decades.
In his final chairman’s statement published in IJM’s annual report, Tan reflected on his career with the group with a sense of pride and appreciation.
“Having had the privilege of participating in the acquisition and merger of the companies that formed IJM, and subsequently serving as its chief executive officer and chairman over the past four decades, I look back with immense pride and gratitude at what we have built together,” he said.
Tan added that he was confident IJM was well-positioned to enter its next phase of growth.
His final year as chairman was particularly significant due to two major developments — the conditional voluntary takeover offer by Sunway Bhd in January 2026 and the subsequent scrutiny following allegations circulated on social media.
The proposed takeover attempt ultimately did not proceed after Sunway failed to obtain acceptances exceeding 50% of IJM’s shares.
“Having spent much of my career evaluating acquisitions rather than being the subject of one, the experience served as a sobering reminder of the need to be nimble and dynamic given the rigour of a fast-evolving business environment and that of the capital markets,” Tan said.
Tan also addressed the challenges arising from what he described as “malicious and unfounded” allegations circulated online, which placed both IJM and his personal reputation under public scrutiny.
He said the Malaysian Anti-Corruption Commission’s decision to take no further action, together with confirmation that the proposed acquisition process complied with legal and regulatory requirements, reaffirmed confidence in the group’s governance standards.
Tan further stated that claims involving RM2.5 billion in alleged money laundering linked to IJM were found to be without basis, while the United Kingdom’s Serious Fraud Office confirmed that it had never undertaken any investigation into the alleged movement of funds.
“While these were indeed trying times where reputations were being questioned, positively, shareholders can take comfort in the fact that the governance, integrity and ethical standards established by our founding leaders stood the test of one of the most challenging periods in the group’s history,” he said.
“With these events now behind us, our attention is firmly on the future and the opportunities ahead.”
Tan, 73, was appointed chairman of IJM on Aug 29, 2019, after previously serving as deputy non-executive chairman from 2014.
He first joined IJM’s board on June 12, 1984 as an alternate director and went on to hold several senior leadership roles, including financial controller, director, deputy managing director, group managing director, chief executive officer and managing director, and executive deputy chairman.
As at the end of June 2026, Tan held a direct interest of 0.3% and an indirect interest of 0.032% in IJM.
His retirement marks the conclusion of a decades-long leadership journey that has coincided with IJM’s evolution into a major player in Malaysia’s construction, infrastructure and diversified business sectors.
