KUALA LUMPUR: IOI Corp Bhd has announced the resignation of Datuk Lee Yeow Seng as its non-independent non-executive director, effective Nov 6, to focus on his leadership responsibilities at IOI Properties Group Bhd.
In a filing with Bursa Malaysia, IOI Corp said Lee’s resignation would allow him to concentrate on advancing IOI Properties’ strategic priorities and creating long-term value for shareholders.
It said the decision also reflects IOI Properties’ significant presence in Singapore and Lee’s role as executive chairman of IOIPG Malaysia REIT, which is scheduled to be listed on Bursa Malaysia on Nov 25.
Lee, 47, is the brother of IOI Corp group managing director and chief executive officer Datuk Lee Yeow Chor.
He is also deemed a major shareholder of IOI Corp through his interest in Progressive Holdings Sdn Bhd, with an indirect interest of about 3.13 billion ordinary shares or 49.8 per cent stake.
IOI Corp said Lee had no disagreements with the board and there were no matters arising from his resignation that needed to be brought to shareholders’ attention.
Meanwhile, IOI Corp announced the appointment of Datuk Yeo How, 70, as an independent non-executive director, effective today.
Yeo previously served with IOI Group for 25 years, from 1983 to 2008, holding various positions, including chief financial officer and executive director.
During his tenure, he oversaw the group’s financial management, mergers and acquisitions, funding strategies, investor relations and governance matters.
He was also involved in expanding IOI Group’s downstream businesses, including palm oil refining, oleochemicals and specialty fats.
Following his departure from IOI Group in 2008, Yeo joined Singapore-based Royal Golden Eagle (RGE), where he led the group’s agribusiness expansion into midstream and downstream activities.
He was involved in the growth of Apical Group, which became a major integrated palm oil player with operations spanning refining, oleochemicals, functional fats, biodiesel and sustainable aviation fuel.
Yeo retired from RGE in September 2026.
He currently serves as lead independent non-executive director of IOI Properties and previously sat on the Malaysian Accounting Standards Board and the board of the Malaysian Institute of Certified Public Accountants.