In a statement to Bursa Malaysia today, the company said Fu tendered his resignation letter at the company’s board meeting on Feb 25, Bernama reported.

On Feb 26, the company announced that it had appointed a new chief executive officer, Alex Yeow Wai Siaw, who takes office today. He fills a position left vacant for nine months following the departure of Andreas Vogiatzakis on May 16 last year.

The group added that Fu would also relinquish his chairmanship in Star Foundation, the charity arm of Star Media Group.

“Fu said it is time to give way to new leadership, adding that he wished to spend more time with his family,” said the statement. Following Fu’s resignation, Star Media said the board would make the necessary effort to identify a suitable candidate to fill the vacancy as soon as possible.

Fu was appointed as Star Media’s independent non-executive director on Feb 27, 2014 and board chairman since May 21, 2014.

He was a member of a temporary special committee, with Dr Mohd Aminuddin Mohd Rouse and Chan Seng Fatt, who supervised company affairs after the resignation of the chief executive. The company said the committee was disbanded with Yeow’s appointment.

Yeow had previously served as group CEO and executive director of property developer Tropicana Corp Bhd. He was also non-executive director of Hafary Holdings Ltd, managing director and executive director at Guocoland and executive director of Tower Real Estate Investment Trust.