KUALA LUMPUR: Public Bank Bhd (PBB) founder Teh Hong Piow will relinquish his position as chairman on Jan 1, 2019, and will then be bestowed the title of “chairman emeritus”.
Teh, who established the bank on Dec 30, 1965, will remain the bank’s adviser to provide guidance to support the continued growth of PBB and the group.
In a statement today, the bank announced that Teh, who is also the non-executive chairman of Public Islamic Bank Bhd (PIBB) and Public Investment Bank Bhd (PIVB), both of which are wholly-owned subsidiaries of PBB, will retire as chairman of the two subsidiaries on Jan 1, 2018, but stay on as non-executive director.
“The smooth transition of the succession of the chairmanship of PBB, PIBB and PIVB are in place and the details relating to the appointment of the new chairman of PBB will be announced at an appropriate time,” it said.
The announcement, made by one of the largest banks in the industry, triggered a knee-jerk reaction causing PBB’s share price to slip 26 sen to RM20.28 with 11.48 million shares transacted.
The decline contributed 1.722 points to the drop in the FTSE Bursa Malaysia KLCI (FBM KLCI) which finished 7.05 points easier at 1,760.03 points.