The resignation is in line with Tan’s vision to transform the BCorp Group into an institutionalised corporation managed by professionals, the group said in a statement.

It said group chief executive officer Abdul Jalil Abdul Rasheed has been mandated to transform BCorp into a high performing organisation through streamlining the group businesses, enhancing shareholders’ value, optimising financial and human resources, improving synergies and efficiency, and enhancing corporate governance and transparency.

In the statement, Tan expressed confidence that with Jalil and executive deputy chairman Robin Tan helming the group, it is in capable hands and will move to greater heights.

“It is also important to give Jalil space and freedom to run Berjaya in his own style.

“I can now take a step back from active day-to-day involvement in the group’s businesses and devote more of my time and energy to promoting charitable initiatives and other interests,” he said.

Jalil, who will be using the next three months to do a strategic review of the group, said he is working with Robin Tan and the board to kick-start the transformation and bring Tan’s future vision for the group to fruition.