KUALA LUMPUR, Jan 20 — SP Setia Bhd has been given notice by Tan Sri Liew Kee Sin, Datuk Teow Leong Seng and Tan Sri Lee Lam Thye of their intentions to resign from their respective positions as President and Chief Executive Officer, Chief Financial Officer and Non-Independent, Non-Executive Director respectively.

Liew, the Group’s President and Chief Executive Officer, will leave on April 30, 2014 whilst Teow, the Chief Financial Officer, will stay on until July 31, 2014.

Lee resigns immediately as a Non-Independent and Non-Executive Director, it said in a statement today.

However, Lee assured SP Setia of his willingness to remain as the SP Setia Foundation Chairman as long as his services are still required.

Following receipt of the notices of resignation of the above key executives, SP Setia has appointed Datuk Voon Tin Yow, the present Chief Operating Officer, to assume the role of Acting President and Chief Executive Officer of the company from May 1, 2014 until April 30, 2015.

He will be supported by Datuk Khor Chap Jen, who is presently an Group Executive Vice President, as his Acting Deputy President for the same period.

SP Setia Bhd Chairman Tun Zaki Tun Azmi said: “Whilst the board of directors is greatly saddened by the departure of Tan Sri Liew, Datuk Teow and Tan Sri Lee, SP Setia is confident that the Group will continue to be in steady hands under Datuk Voon and Datuk Khor. 

 “The appointments of Datuk Voon and Datuk Khor as Acting President and CEO and Acting Deputy President are consistent with the management succession plan approved by SP Setia Bhd in March 2013.

“Both of them have been with the Group since 1996 and have contributed greatly to the tremendous growth achieved by SP Setia over the last 18 years.

 “They understand every aspect of the Group’s business intimately and this should provide assurance to our customers that properties purchased from us will continue to be delivered on time and of the quality they have come to expect from SP Setia.”

“Over the next year the Board also intends to actively seek the views of Permodalan Nasional Bhd (PNB) before formal terms and conditions of appointment are agreed and finalised with the identified successors.

“As the organisation’s largest shareholder controlling more than 60 per cent of SP Setia’s shares, it is critical that the persons holding the post of President and Deputy President should have the unqualified support of PNB,” Zaki added.

Under Liew’s leadership, SP Setia achieved RM8.24 billion in sales in financial year 2013, almost double what it recorded in the previous financial year.

As at October 31, 2013, it had RM9.6 billion in unbilled sales to be realised over the next few years which stands it in good stead to achieve record profits in the years to come.

The Group also has 4,782 acres (1935 ha.) of undeveloped land bank worth RM102 billion in remaining Gross Development Value of which SP Setia’s effective stake is RM71 billion. — Bernama