Malaysian billionaire relinquishes chairmanship of Mr. DIY

Malaysian billionaire Tan Yu Yeh, who made his wealth from his stake in home goods retail chain Mr. DIY, has stepped down as executive vice-chairman to take on an advisory role in the company he founded in 2005. Mr. DIY Malaysia disclosed that Tan’s resignation is effective 17 April. Tan is stepping down after once again being named by Forbes Magazine as one Malaysia’s richest people, with a net worth of USD 1.3 bn. The resignation also comes at the heels of Mr. DIY’s fall in the stock market owing to a less than stellar financial performance in the year prior. Tan, along with other shareholders, shored up share prices by buying back shares from the market.

Along with Tan’s resignation, Mr. DIY appointed the tycoon’s nephew, Tan Shie Haur as a non-independent director of the company effective 17 April. The younger Tan is concurrently the chief executive officer of Mr. DIY International Holdings (Singapore) Pte. Ltd. The Singaporean entity is the holding company of Mr. DIY firms in Singapore, Turkey, Spain, Vietnam, Bangladesh, Poland, Romania, and South Africa.