Malaysian Tycoon Vincent Tan Steps Back From Family Empire He Ruled for Decades

Malaysian tycoon Vincent Tan is ceding executive control of a company he founded almost 40 years ago, weeks after he hired an outsider to reorganize his family empire battered by the pandemic.

Berjaya Corp. said in a statement Monday that Tan will remain as chairman but without any executive role. The move is in line with his goal to turn the group into an institutionalized corporation, managed by professionals, it said.