Highlight SP Setia’s CEO Voon resigns, to be replaced by deputy Khor Chap Jen

by **Cals** Wed 17 Sep 2014, 23:50

Highlight SP Setia’s CEO Voon resigns, to be replaced by deputy Khor Chap Jen
Business & Markets 2014
Written by Kamarul Anwar and Supriya Surendran of theedgemalaysia.com
Wednesday, 17 September 2014 19:32

KUALA LUMPUR (Sept 17): SP Setia Bhd’s Acting President and Chief Executive Officer Datuk Voon Tin Yow has resigned from the property giant, after spending two decades with the developer.

“Having served for almost two decades, it is time for me to step down to pursue my own interests. I am happy that SP Setia is currently strong and stable; and I believe the team spirit in the Company will persevere, during this period of transition,” said Voon in a press release today.

Voon will leave on Jan 01, 2015. Meanwhile, taking over the seat will be Datuk Khor Chap Jen, who was previously deputy president.

Voon’s resignation is the latest change among the top managment of SP Setia, which had seen the then-Chief Financial Officer Datuk Teow Leong Seng, who was supposed to be made Voon’s deputy, resign in January, together with former CEO and President Tan Sri Liew Kee Sin.

In a separate announcement, SP Setia reported a marginal increase of 2% in net profits for its third quarter ended July 31, 2014 (3QFY14), to RM103.31 million.

In a filing with the exchange, the group believes the increase in the 3QFY14 profits could have been 7.7%, if not for the financial impact of the goods and services tax (GST) and long term incentive programme (LTIP).

For the cumulative nine-month period, its net profit declined by almost 5% year-on-year to RM274.36 million, mainly due to the distribution of profit to the holders of perpetual bonds and non-controlling interests, as well as the recognition of GST and financial impact of the LTIP.

Nevertheless, 3QFY14 revenue came in 11.9% higher at RM902.6 million, while for the cumulative period, revenue was up 12.3% year-on-year to RM2.57 billion.