Posted on 19 April 2013 - 05:37am
Kang Siew Li firstname.lastname@example.org Print
PETALING JAYA (April 19, 2013): The vision, direction and strategic business plans of Parkson Retail Group Ltd (PRGL) and Parkson Retail Asia Ltd (PRA) will stay the course, outgoing executive director and managing director Datuk Alfred Cheng Yoong Choong said, despite him stepping down from his post at both companies effective May 31.
"There's no change in vision, direction or strategies of the businesses. They remain the same. It's my duty as a senior advisor to the board to ensure that they remain on track," Alfred, 49, told SunBiz over the telephone from London.
In a filing with the Hong Kong and Singapore stock exchanges on April 5, 2013, PRGL and PRA respectively announced that Alfred will be relinquishing his positions in both companies for personal reasons and will be replaced by current non-executive director and chairman Tan Sri William Cheng Heng Jem, 70, who is also the uncle of Alfred, from May 31.
Alfred's current portfolio, which involves the day-to-day management of the companies' business, will be handled by the respective country CEOs.
"My decision is a personal one. I've spent most of the last 25 years travelling three weeks a month and it's about time I devote more time to my family who is residing in London.
"I'll remain actively involved in supporting the team to carry out the business. The country CEOs are all highly qualified, experienced and capable. The business remains on track," said Alfred.
Alfred will stay on as non-executive director and senior adviser to the chairman and the board of both PRGL and PRA. In his new capacity, Alfred will continue to support the strategic direction, vision and development of the companies' businesses in the region.
Alfred is a substantial shareholder in PRA with a 6.2% stake, and owns 0.03% in PRGL.
Alfred, who has been at the helm of the Parkson business for 17 years, began his