Tropicana Corp founder Danny Tan retires after 36 years

PETALING JAYA (June 19): Property tycoon Tan Sri Danny Tan, who founded Tropicana Corp Bhd in 1992, had retired as group executive vice chairman, the developer said in a press statement yesterday.

“I will be handing over the day-to-day management of Tropicana to group chief executive officer Datuk Yau Kok Seng, and deputy group chief executive officer Datuk Dickson Tan (Danny Tan’s son),” said Danny Tan (pictured) in the statement.

“Both Yau and Dickson have been instrumental in formulating and leading the transformation journey of the group. Together with the other board members and senior management team, I have full confidence that they can effectively lead Tropicana to greater heights,” he added.

However, he remains the controlling shareholder of the group.

Under Danny Tan’s leadership, Tropicana has become one of the top 10 property developers in Malaysia.

As at Dec 31, 2014, the group had recorded revenue of about RM2 billion and total assets of more than RM7.2 billion.

“While the board respects Tan Sri Danny’s decision to retire from an active corporate role in the company, we take comfort in the knowledge that we will continue to have his advice and guidance at all times, as we endeavour to take the Tropicana group to a higher level and in its position as a premier property developer in Malaysia,” said Tropicana chairman Tan Sri Rastam Mohd Isa in the same statement.

Besides Danny Tan’s retirement, the developer’s board of directors was also streamlined – Danny Tan’s daughter Diana Tan Sheik Ni stepped down as executive director, while Datuk Francis Ng Tian Sang and Datuk Seri Panglima Mohd Annuar Zaini have also retired as independent non-executive directors of Tropicana.

Meanwhile, the group has appointed Datuk Seri Mohamad Norza Zakaria as independent non-executive deputy chairman of Tropicana.

Norza had previously held high level positions with Bank Negara Malaysia, Petroliam Nasional Bhd, SPK-Sentosa Corp Bhd, Mun Loong Bhd and Gabungan Strategik Sdn Bhd.

Dion Tan Yong Chien, Danny Tan’s third son, has been appointed as executive director while Datuk Larry Gan Nyap Liou will assume the role of senior independent non-executive director of Tropicana.

“With the new board composition, the group is expected to further strengthen its commitment of delivering innovative and quality products that enhances shareholders’ value,” said the group.

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