KUALA LUMPUR (Feb 21): Kuala Lumpur Kepong Bhd has redesignated its chief executive officer Tan Sri Lee Oi Hian as its executive chairman, following the retirement of Tun Raja Muhammad Alias Raja Muhammad Ali as the group's non-executive chairman on Wednesday.

Lee is also the chairman of KLK's controlling company, Batu Kawan Bhd. The Lee family owns over 55% of Batu Kawan, which in turn has a 47.16% stake in KLK.

In a statement, KLK thanked Raja Muhammad Alias for his contribution to the group, and for steering the group through some of its most challenging times as chairman of its board since May 1, 2008. He first joined the group's board on July 1, 1978.

“KLK has been most fortunate and indeed privileged to have Raja Muhammad Alias serve on the KLK Board for more than 45 years, the last 15, as our chairman. We remain forever grateful for his astute leadership and steady oversight of KLK’s expansion and related diversification,” said Lee.

Lee, meanwhile, joined KLK as an executive in 1974 and later its board in 1985.

He was appointed the group's chairman and CEO in 1993, before relinquishing the chairman's post to Raja Muhammad Alias in 2008, while he remained as executive director and CEO.