KUALA LUMPUR, May 28 – Dr Tan See Leng, who made RM34 million in 2018, will retire as IHH Healthcare Bhd’s CEO and managing director by the end of the year.
The government-linked corporation (GLC), which runs 14 Pantai and Gleneagles Hospitals in the country, announced that former Columbia Asia CEO Dr Kelvin Loh will succeed Dr Tan on January 1 next year upon completion of the latter’s contract on December 31.
“I am grateful and humbled for the opportunity to lead IHH’s development and work with an extraordinary team during my time here. Together, we have achieved significant progress and growth on behalf of our stakeholders.
“Having laid the groundwork for the next phase of IHH’s journey, it is an opportune time to pass the baton. I look forward to ensuring a seamless transition for the business,” Dr Tan said in a statement.
Dr Loh, who will rejoin IHH as the CEO-designate and executive director on July 1, previously held several senior management positions at IHH Group before he became Columbia Asia CEO in 2017.
“I look forward to building on Dr Tan’s strong legacy at the IHH Group,” said Dr Loh.
IHH said Dr Tan, who was appointed CEO and managing director of IHH Healthcare in 2014, spent 15 years in the company.
“Under his leadership, IHH Healthcare has successfully transformed into a major international health care company with significant presence in Malaysia, Singapore, Turkey, India through the acquisition of Fortis Healthcare, and a growing footprint in Mainland China and Hong Kong. Under Dr Tan’s leadership, IHH Healthcare has also been focusing on innovation in medical technology.”
IHH recorded RM11.5 billion revenue for the 2018 financial year, increasing 3 per cent year-on-year from RM11.1 billion, while headline PATMI (profit after tax and minority interests) fell 35 per cent to RM627.7 million from RM970 million in the 2017 financial year.
Inpatient admissions at IHH’s Malaysia hospitals increased by 12 per cent to 55,196 in the fourth quarter of 2018 compared to the corresponding period in 2017, while revenue intensity (average revenue per inpatient admission) rose by 3.7 per cent to RM6,653.
“On behalf of the Board, I would like to acknowledge See Leng’s immense contributions to building IHH. Under his stewardship, the Group has grown to become a leading global healthcare provider with a footprint of 83 hospitals across 12 countries. His passion and commitment to the business have been exemplary,” said IHH chairman Mohammed Azlan Hashim.
According to the Securities Commission’s Corporate Governance Monitor 2019 report, outgoing IHH CEO Dr Tan is the fifth-highest paid CEO in Malaysia with about RM33.9 million in compensation last year.