KUALA LUMPUR, Feb 23 — Tycoon Tan Sri Vincent Tan Chee Yioun is quitting as chairman of Berjaya Corporation Bhd (BCorp), the flagship firm of the Berjaya Group of companies he founded in 1984.

His eldest son, Datuk Robin Tan Yeong Ching, will take over as BCorp chairman, state news agency Bernama reported today.

In a statement today, the public-listed conglomerate said Robin, 37, who has been running BCorp as its chief executive since January last year, will hold the chairman’s position until the board finds and appoints a suitable replacement.

The BCorp founder is estimated to be worth US$1.2 billion (RM3.6 billion), according to Forbes magazine.

Vincent, who turns 60 today, said he was only retiring from an active role in the business.

“Although I am not chairman or a board member, I will nevertheless be available to the management of the group for consultation and advice whenever needed,” the married father-of-11 was quoted as saying by Bernama.

The investment holding company was founded in 1984 and employs over 16,000 workers.

Its subsidiaries are also listed on Bursa Malaysia. These include Berjaya Land Bhd, which covers property investment and hospitality; Berjaya Sports Toto, the country’s leading gaming and numbers forecast operator; Cosway Corp Ltd (Hong Kong), which is the leading direct-selling and multi-level marketing business; and Berjaya Food Bhd, which owns the Kenny Roger Roasters restaurant chain here.

BCorp’s stock hit a high of RM0.955 on the main board of Bursa Malaysia today and was unchanged at the close of market.