Mr DIY said in a statement to Bursa Malaysia that Tan, 54, is to become an adviser to the home improvement retail group.

Tan is the primary shareholder of Mr DIY, with a 50.04% stake in Mr DIY through his investment firm, Bee Family Ltd, and a 0.32% direct stake. He has held the executive vice chairman position since June 2016.

He has an estimated net worth of US$1.3 billion, and is listed on the Forbes Malaysia Rich List at No. 17.

In a separate announcement, Mr DIY announced the appointment of Tan’s nephew, Tan Shie Haur, 42, as a non-independent and non-executive director, from April 17th.

He is currently the chief executive officer of MDIH (Singapore) Pte Ltd, a holding company with similar retail operations to Mr DIY in Turkey, Spain, Vietnam, Bangladesh, Poland, Romania, and South Africa.