KUCHING: MISC Bhd (MISC) has announced the appointment of Yee Yang Chien as the new president and chief executive officer (CEO) of MISC with effect from January 1, 2015 in place of Datuk Nasarudin Md Idris who will be retiring on December 31, 2014.
MISC in a filing to Bursa Malaysia yesterday said Yee was appointed as chief operating officer (COO) of MISC on July 1, 2013 and he also held the position of vice president, corporate planning and development of MISC since April 1, 2008.
With his appointment as president and CEO, MISC added Yee will also be appointed as the non-independent executive director of MISC effective from January 1, 2015.
MISC explained that Yee holds a double-degree in Financial Accounting/Management and Economics from University of Sheffield, UK.
The shipping company noted that Yee began his working career as an auditor, undertaking both external and internal audit assignments.
MISC observed that from the formative years as an auditor, Yee has progressed on to equity research and investment banking working with various local and international financial institutions over a span of 10 years.
MISC revealed that Yee first joined MISC in 2001 as senior manager of research and evaluation of the corporate planning and development unit.
During those period, MISC said he led the execution team that acquired MISC’s petroleum tanker subsidiary, the AET Group, which propelled MISC into a global petroleum tanker owner and operator.
MISC said he subsequently joined AET as group vice president of corporate planning in June 2005.
At AET, MISC said Yee oversaw the strategic planning activities of the company and was also responsible for the expansion and development of the operating fleet of the company.
MISC noted that Yee returned to MISC in April 2008 as the vice president of corporate planning and development, focusing on strategic planning and budget development for the group.
The company said he also led various mergers and acquisitions, business and asset rationalisation as well as risk management activities of the group.
MISC observed those deals included the investment of MISC’s investment into VTTI, a global tank terminal company, and the exit from the liner business in 2010.
Meanwhile, MISC observed that in his role as the COO of MISC since July 2013, Yee was also given oversight over the group finance and human resource functions as well as the chemical tanker business unit.
The company noted Yee sits on the board of Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE), MISC’s listed heavy engineering and fabrication subsidiary as well as several subsidiaries and joint venture companies such as AET and VTTI.
In the meantime, MISC said Nasarudin had served MISC as non-independent non-executive director from 2004 to June 2010, and subsequently as president and CEO, and non-independent executive director of MISC since June 2010.
MISC pointed out that Nasarudin will continue to remain on the MISC board as a non-independent non-executive director effective from January 1, 2015.