KUALA LUMPUR (Dec 8): Malayan United Industries Bhd’s (MUI) major shareholder Tan Sri Khoo Kay Peng is set to relinquish his position as chief executive officer in favour of his son.

In a filing with Bursa Malaysia, MUI said Andrew Khoo Boo Yeow, 45, will assume the CEO post effective Jan 1.

Kay Peng, who owns a 47.58% stake in the group, will remain as executive chairman, the group said.

Boo Yeow was chief operating officer of Swensen’s and director of group business development in ABR Holdings Ltd in Singapore between 2016 and 2017. Prior to that, he served as ABR Holdings’ food and beverage division director.

From 2009 to 2012, Boo Yeow, an Australian citizen, was non-independent non-executive director in MUI and Pan Malaysia Corp Bhd, while being an executive director for Singapore-based Network Foods International Ltd.

MUI’s share price gained 0.5 sen or 2.44% to closed at 21 sen today, giving it a market capitalisation of RM615.84 million.