Krishnan Tan Retires: The End of a 42-Year Era at IJM Corp
After 42 years with the same group, Tan Sri Krishnan Tan, 73, is finally calling time on his career. In the chairman's statement accompanying IJM's annual report on 28 July 2026, he announced that he will not seek re-election at the group's upcoming annual general meeting (AGM) - making 27 August 2026 his final day as chairman of IJM Corporation Bhd.
This retirement is more than a name change on the organisation chart. It marks the end of an era for one of the longest-serving corporate figures on Bursa Malaysia - a man who watched IJM grow from a construction outfit into a construction, property and infrastructure conglomerate worth well over ten billion ringgit. In this article, we trace his journey, his trial-filled final year, and what it means for IJM investors.
Who Is Tan Sri Krishnan Tan?
His full name is Tan Sri Dato' Tan Boon Seng @ Krishnan. His corporate career began outside IJM - he served as group financial controller of Kumpulan Perangsang Selangor from 1975 to 1982, before entering the IJM world.
On 12 June 1984, he joined IJM's board for the first time as an alternate director. From there, he held nearly every senior position the group had to offer:
- Financial controller
- Director, then deputy managing director
- Group managing director
- Chief executive officer and managing director
- Executive deputy chairman
- Deputy non-executive chairman (2014)
- Chairman (appointed 29 August 2019)
Career paths like this are increasingly rare today - a finance professional who started in the accounts department and climbed step by step over four decades within the same organisation, all the way to the chairman's seat.
For context, IJM itself was formed in 1983 through the merger of three construction companies - IGB Construction, Jurutama and Mudajaya - with the name "IJM" derived from those three names. Krishnan Tan joined its board just one year after that formation. In other words, he did not merely witness IJM's history - he was part of it almost from day one.
The Krishnan Tan Era in Numbers
- 42 years - length of service with IJM (1984-2026)
- 7 senior positions - from financial controller to chairman
- 3 leadership phases - executive (CEO/MD), deputy chairman, and chairman
- Over 2 decades driving the group as an executive leader before moving to a non-executive role in 2014
- 1 takeover attempt - Sunway's 2026 offer, fended off in his final year
Roles in Listed Companies
These are Tan Sri Krishnan Tan's roles in Bursa Malaysia-related companies throughout his career:
- IJM Corporation Bhd (IJM, 3336) - Chairman (until 27 August 2026). Previously CEO & managing director and executive deputy chairman. Shareholding as at end-June 2026: 0.3% direct and 0.032% indirect.
- IJM Land Bhd - Chairman from 2007 to 2015 (IJM's property arm, no longer separately listed).
- IJM Plantations Bhd - Director from 1993 to 2021, until the plantation business was sold to Kuala Lumpur Kepong Bhd (KLK).
- Kumpulan Perangsang Selangor Bhd - Group financial controller from 1975 to 1982 (a management role, before the IJM era).
This information is accurate as at 30 July 2026. Please refer to the latest annual report for confirmation.
Building IJM Into a Conglomerate
Throughout the Krishnan Tan era, IJM grew from a local construction company into a multi-sector conglomerate with operations in Malaysia, India and several other countries. Today the group operates through several core pillars:
- Construction - among the country's largest contractors, with a mega-project portfolio spanning iconic buildings to civil engineering works
- Property - through IJM Land, one of Malaysia's largest property developers, which Krishnan Tan himself chaired from 2007 to 2015
- Infrastructure - toll highway concessions and port operations, assets that give the group recurring cash flow
- Industries - manufacturing of building materials such as concrete piles and quarrying
- Plantations - through IJM Plantations, until the business was sold to KLK in 2021 as part of a portfolio restructuring
In the group's official statement, IJM credited his leadership as instrumental to the group's growth - serving in successive leadership positions as IJM evolved into one of Malaysia's leading integrated construction and infrastructure groups. The group also stressed that this retirement was long planned and that the group's strategy remains unchanged.
The Final Year: Sunway's Takeover Attempt
Ironically, Krishnan Tan's final year as chairman was among the most challenging in IJM's history. In January 2026, Sunway Bhd announced a conditional voluntary takeover offer for IJM - a move that stunned the market as it involved two of the nation's construction giants.
The offer ultimately failed when Sunway did not secure acceptances for more than 50% of IJM's shares, allowing IJM to remain independent. We covered the full saga in our article Sunway's RM11 Billion Bid for IJM: Full Timeline, Controversy & Verdict.
In brief, here is how the saga unfolded from Krishnan Tan's perspective:
- January 2026 - Sunway announces a conditional voluntary takeover offer for IJM, sparking intense market speculation
- During the offer period - various allegations circulate on social media in relation to the exercise, including claims involving Krishnan Tan personally; the MACC opens an investigation
- Offer lapses - Sunway fails to cross the 50% acceptance threshold; IJM remains independent
- Aftermath - the MACC issues a No Further Action letter and confirms the allegations were baseless; the UK's SFO confirms no investigation was ever opened
- 28 July 2026 - Krishnan Tan announces his retirement; his tenure ends at the AGM on 27 August 2026
In his farewell statement to shareholders, Krishnan Tan admitted the episode left a deep impression. Having spent much of his career evaluating acquisitions rather than being the subject of one, he said, the experience served as "a sobering reminder" of the need to be nimble and dynamic in a fast-evolving business environment.
The RM2.5 Billion Allegations & Clearing His Name
Making matters harder, the takeover period was accompanied by a wave of social media allegations relating to the exercise - including some that touched Krishnan Tan's own reputation. He described the allegations as malicious and unfounded.
The facts on record ultimately vindicated him:
- The MACC issued a No Further Action (NFA) letter - and confirmed that Sunway's proposed acquisition was carried out in accordance with legal and regulatory frameworks, vindicating the group
- The RM2.5 billion money-laundering allegations linked to him were confirmed by the MACC to be baseless
- The UK's Serious Fraud Office (SFO) also confirmed that no investigation was ever opened into the alleged flow of funds
The episode is a stark reminder of how quickly viral social media allegations can damage a corporate figure's reputation and a company's share price - even when they are eventually proven baseless.
What's Next for IJM?
Krishnan Tan said his retirement is part of an orderly leadership transition, and that the group's strategy, management team and business priorities remain unchanged. He believes the timing is appropriate as the voluntary takeover offer has concluded, the MACC investigation has been brought to a close, and the group is well positioned to execute its next phase of growth.
As at the announcement, IJM had not named his successor as chairman. Investors' attention now turns to the AGM on 27 August 2026 and any board announcements thereafter.
Lessons for Investors
Behind the story of one man, there are several investing lessons worth taking away:
- Succession planning matters - a transition that is long planned and announced early reduces shocks to the market. Compare that with companies whose leaders exit abruptly with no succession plan.
- Key-man risk exists even at large companies - when one individual serves 42 years and holds nearly every senior post, investors should ask: is the institution bigger than the individual? In IJM's case, the group insists the strategy stays the course - but it is a question worth asking of every stock you own.
- Don't swallow viral allegations whole - the RM2.5 billion allegations against Krishnan Tan spread widely, yet were ultimately confirmed baseless by the MACC and the UK SFO. Investors who panic-sell on rumours are often the casualties.
- Corporate events move prices - the Sunway-IJM takeover saga showed how offers, allegations and leadership announcements can drive sharp volatility. Understand the story behind a price move before acting on it.
FAQ
Why is Krishnan Tan retiring from IJM?
He decided not to seek re-election at the AGM on 27 August 2026. According to both him and the group, the retirement was long planned as part of an orderly leadership transition, and the timing is right now that the Sunway takeover offer has concluded and the MACC investigation is closed.
How long did Krishnan Tan serve at IJM?
42 years. He joined IJM's board on 12 June 1984 as an alternate director and held various senior positions including CEO, group managing director and executive deputy chairman, before being appointed chairman on 29 August 2019.
Did Sunway's takeover offer for IJM succeed?
No. The conditional voluntary takeover offer announced in January 2026 failed when Sunway did not secure acceptances for more than 50% of IJM's shares. IJM remains an independent group.
What happened to the RM2.5 billion allegations against Krishnan Tan?
The MACC confirmed the RM2.5 billion money-laundering allegations were baseless and issued a No Further Action (NFA) letter. The UK's Serious Fraud Office also confirmed that no investigation was ever opened into the alleged flow of funds.
Who will succeed Krishnan Tan as IJM chairman?
As at the time of writing, IJM has not announced a successor. An announcement is expected around or after the AGM on 27 August 2026.
How much of IJM does Krishnan Tan own?
As at end-June 2026, he held a 0.3% direct stake and a 0.032% indirect stake in IJM.
Will IJM's strategy change after his retirement?
According to IJM's official statement, the group's strategy, management team and business priorities remain unchanged. The retirement is framed as an orderly transition, not a change in direction.
Conclusion
Tan Sri Krishnan Tan's retirement closes an important chapter in Malaysian corporate history - 42 years of service that took IJM from a construction company to an integrated conglomerate, ending with the group fending off the biggest takeover attempt in its history and his name cleared of baseless allegations. For investors, the story is a reminder that behind every counter there are people, governance and transitions worth understanding.
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