NagaCorp founder Dr Chen Lip Keong appears to be accelerating the family succession plan after announcing a “re-designation” of senior management that will see three of his sons become joint CEOs.
Under the re-designation, Dr Chen’s position will change from CEO to Senior CEO, effective immediately, although the company said he will continue to oversee the day-to-day operations of the group.
Chen Yiy Fon, currently an executive director, will become CEO – Operations, Chen Cherchi will become CEO – Finance and Treasury, and Chen Yiy Hwuan will become CEO – Hotels.
Other changes include Anthony Cheung King Man, currently Director of Capital Investment and Corporate Finance, promoted to Chief Financial Officer, and Tan Sean Czoon, the current CFO, who will become Chief Financial Officer – Founder’s Office.
Timothy McNally will remain as Chairman, Philip Lee Wai Tuck as Executive Deputy Chairman and Mike Ngai Wai Yip as Chief Operating Officer.
Chen Yepern, Managing Director in the CEO Cabinet and another son of Dr Chen, will continue to lead the Environmental, Social and Governance (ESG) activities of the group.
In announcing the changes, NagaCorp said Dr Chen has established a solid foundation for the company and it is “timely for [an] injection of new vitality into the management of the Group.”
However, it stated, “[Dr Chen] shall continue to lead the Group and remains actively, strongly and firmly in grip to lead and manage the Group by providing directions and strategies as well as overseeing the day-to-day operations of the Group.
“Together with the CEOs, the four of them shall work together as a team to lead and manage the Group to bring the Group to the next level of success.”
NagaCorp operates NagaWorld, located in Phnom Penh, Cambodia.