Cheetah founder and MD Chia Kee Foo exits group

KUALA LUMPUR (June 30): Chia Kee Foo has resigned as Cheetah Holdings Bhd’s chairman and managing director effective today to pursue his private interests.

In a statement today, the group said Chia founded Cheetah in 1979 and led the group for 42 years.

Victor Lim, currently the chief operating officer of Cheetah Corporation (M) Sdn Bhd, will be redesignated as the chief executive officer of the group going forward, said the clothes retailer.

Shares of Cheetah settled 16 sen or 7.69% lower at RM1.92 today, giving it a market capitalisation of RM245.03 million.

Cheetah’s share price rose sharply on Monday (June 28) and yesterday (Tuesday, June 29), following the group’s announcement on Friday (June 25) of several corporate exercises, including a bonus issue of new shares and warrants.