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KUALA LUMPUR (July 29): Tan Sri Krishnan Tan will step down as chairman of IJM Corp Bhd (KL:IJM) after deciding not to seek re-election at the group’s upcoming annual general meeting (AGM).
Tan announced his decision in his chairman’s statement accompanying IJM’s annual report released on Tuesday (July 28). His tenure will end upon the conclusion of the AGM scheduled for Aug 27.
Tan, 73, was appointed chairman on Aug 29, 2019. He first joined IJM’s board on June 12, 1984 as an alternate director and went on to hold various senior positions within the group, including financial controller, director, deputy managing director, group managing director, chief executive officer and managing director, and executive deputy chairman.
He was appointed deputy non-executive chairman in 2014 before assuming his current role.
Outside IJM, Tan held various positions including group financial controller of Kumpulan Perangsang Selangor Bhd from 1975 to 1982, chairman of IJM Land Bhd from 2007 to 2015, and director of IJM Plantations Bhd from 1993 to 2021.
As at end-June 2026, Tan held a direct stake of 0.3% and an indirect stake of 0.032% in IJM.
In his emotional farewell statement to shareholders, Tan said his final year as chairman was marked by two significant developments — Sunway Bhd’s (KL:SUNWAY) takeover attempt for IJM and the subsequent allegations surrounding the exercise.
The conditional voluntary takeover offer by Sunway, announced in January 2026, failed after the company did not secure acceptances for more than 50% of IJM’s shares, allowing IJM to remain independent.
“Having spent much of my career evaluating acquisitions rather than being the subject of one, the experience served as a sobering reminder of the need to be nimble and dynamic given the rigour of a fast-evolving business environment and that of the capital markets,” Tan said.
Tan also highlighted the challenges arising from what he described as malicious and unfounded allegations circulated on social media in relation to the takeover exercise, which subjected IJM and his reputation to public scrutiny.
He said the issuance of a No Further Action (NFA) letter by the Malaysian Anti-Corruption Commission (MACC), together with the agency’s confirmation that Sunway’s proposed acquisition was carried out in accordance with legal and regulatory frameworks, had vindicated the group.
Tan added that MACC’s conclusion that allegations of RM2.5 billion in money laundering linked to IJM were baseless further cleared the air. The UK’s Serious Fraud Office (SFO) had also confirmed that it had never conducted any investigation into the alleged flow of funds.
Despite the challenges, Tan said shareholders could take comfort that IJM’s governance, integrity and ethical standards had withstood one of the most challenging periods in the group’s history.
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