GEORGE TOWN: Pensonic Holdings Bhd today says its group chief executive officer Dixon Chew Chuan Jin will step in as interim group managing director, following the resignation of his brother Vincent Chew Chuon Gee yesterday.
The Penang-based electrical home appliances maker said in a statement that its board of directors had appointed Dixon to temporarily assume the responsibilities of group MD for the domestic market.
"Prior to this, Dixon (Chew) was primarily focused on overseas markets and original design manufacturing for international brands," Pensonic said.
It added that Dixon had devoted more than three decades to the company and had elevated the Pensonic brand to a prominent position as a leading household brand in Malaysia since 2003.
"The majority of Pensonic's profits can be attributed to Dixon's effective leadership in international export markets," it said.
"The company remains committed to its mission and objectives, and Pensonic has full confidence in its ability to overcome current challenges and unlock the full potential of the group under Dixon's leadership."
Vincent's resignation "to pursue other interest and personal commitment" was announced in a Bursa Malaysia filing yesterday after his stake in the company was reduced to below five per cent.
In an off-market transaction on Sept 25, Vincent ceased to be a substantial shareholder after disposing of four million shares or a 3.18 per cent stake for RM3 million or 75 sen each.
"Throughout his tenure with Pensonic, Vincent had played a pivotal role in shaping its strategic direction," the statement said.
"However, the group has experienced a period of stagnation and underperformance in recent years," it said, adding that Vincent had assumed the role of group MD overseeing domestic sales in 2014.
"Vincent's resignation as group managing director was a well-considered and gracious one.
"He firmly believes that Pensonic could benefit from a fresh perspective and a new leadership approach to reinvigorate the group and guide it toward a more prosperous future."
Pensonic founder and chairman Datuk Seri Chew Weng Khak @ Chew Weng Kiak recently transferred three million shares or 2.4 per cent stake to elder son Dixon, whose shareholding increased to 8.7 per cent or 10.9 million shares.
This left Weng Khak with a 6.4 per cent direct stake or 8.03 million shares.
It was reported that Weng Khak was still deemed to have an indirect stake of 15.33 per cent or 19.26 million shares through his family and the family's private vehicle Chew Weng Khak Realty Sdn Bhd.
