Chan, 72, will then be redesignated as a non-independent non-executive director of the group, WSC said in a filing with Bursa Malaysia today.

He will be succeeded by deputy group MD Gian Carlo Maccagno in both positions effective July 1. Maccagno, 59, was appointed as an executive director at WSC in June 2004, and subsequently promoted to deputy MD in January 2007.

The company said Chan, who was appointed to WSC’s board in May 2002, was “instrumental in the consolidation and listing of WSC in 2002”.

“The board would like to express their utmost gratitude and appreciation for his wisdom, leadership and contributions towards the  group during his tenure as MD and group CEO,” the company said.

“Maccagno is also the CEO of the Wasco Energy Group of Companies, and is responsible for the overall business and management operations of the Wasco Group,” the filing said.

WSC is 40%-controlled by the Tan family of Tan & Tan Developments and IGB Corp. The group reported a lower net loss of RM6.3 million for the financial year ended Dec 31, 2022 (FY2022), down 94% from the RM107.48 million loss in FY2021.

The group’s revenue grew 88% to RM2.69 billion in FY2022 from RM1.43 billion in FY2021.

WSC shares rose 4.5 sen or 5.9% higher to 80 sen at 4.42pm today, giving it a market capitalisation of RM623.8 million.