Teh to step down as Public Bank chairman on Jan 1, 2019

PETALING JAYA: Tan Sri Dr Teh Hong Piow (pix) plans to relinquish his position as non-executive chairman Public Bank Bhd (PBB) on Jan 1, 2019.

In a statement yesterday, the bank said Teh will be bestowed the title of chairman emeritus on Jan 1, 2019 and appointed adviser. He will provide guidance to support the continued growth of PBB and the PBB Group. It is unclear whether he will remain on the board of directors.

Teh founded PBB on Dec 30, 1965 and has been with the group for 51 years. He will retire as chairman of Public Islamic Bank Bhd (PIBB) and Public Investment Bank Bhd (PIVB) on Jan 1, 2018 and stay on as non-executive director.

Teh is currently the non-executive chairman of PIBB and PIVB, two wholly owned subsidiaries of PBB.

“The smooth transitions of the succession of the chairmanship of PBB, PIBB and PIVB are in place. The details relating to the appointment of the new chairman of PBB will be announced at an appropriate time,” said PBB.

PBB’s shares fell 1.27% to close at RM20.28 yesterday with a total of 11.48 million traded, giving it a market capitalisation of RM79.55 billion.