Tan Sri Vincent Tan, chairman of Berjaya Corp has stepped down as the company's executive chairman but will still remain on the board of directors as non-executive chairman, effective today.

The resignation was in line with his vision to transform the Berjaya Corp into an institutionalised corporation managed by professionals. 

His son, Datuk Sri Robin Tan will also step down as an executive deputy chairman.

"With Jalil Rasheed on board as Group CEO, handling the strategic and operational decision-making and planning the future business direction of the BCorp Group, together with Executive Deputy Chairman, Dato’ Sri Robin Tan, I am confident that the BCorp Group is in capable hands and would be able to move forward progressively towards greater heights," said Tan.

Tan also added that he will be devoting more time to promote charitable initiatives and other interest. At the end of March, Tan vowed that he will give away half of his wealth once he's no longer around. 

Jalil will be using the next three months to do a strategic review of the group and kickstarting the group's transformation. 

At 12.30 pm, shares in Berjaya were up by 2.22%. 

The share price of the conglomerate has nearly tripled since Jalil was appointed CEO on March 16.