Lee, 47, stepped down as non-independent and non-executive director with immediate effect, IOI Corp said in a filing with Bursa Malaysia last Friday. He had served on the company's board since June 2008.

The firm also appointed Yeo How as independent non-executive director, effective on the same day. Yeo is currently the lead independent non-executive director of IOI Properties, the New Straits Times reported.

Lee, meanwhile, serves as group CEO of IOI Properties, where he has been stepping up investments in Singapore, particularly on commercial real estate in the city-state's central business district.

Lee Yeow Seng, group CEO of IOI Properties. Photo from the company's website

IOI Corp said Lee's departure from its board would "enable him to focus more fully on his leadership responsibilities and on advancing IOI Properties' strategic priorities," The Edge Malaysia reported.

This is particularly relevant given his role as executive chairman of IOIPG Malaysia Real Estate Investment Trust, which is slated to list on Bursa Malaysia later this month.

The company added that Lee had no disagreements with the board, and that there were no matters relating to his departure that required shareholders' attention.

The decision also comes as IOI Corp expects its palm oil production to post single-digit growth in the financial year ending June 30, 2027.

Lee Yeow Chor, Lee's brother and IOI Corp's group managing director and chief executive officer, said the growth would be supported by increased fresh fruit bunch production, a higher oil extraction rate and young mature plantations moving into a more productive phase, Bernama reported.

The company also sees crude palm oil prices trending higher in 2027, with the lingering effects of El Niño expected to affect production in Indonesia.

The Lee brothers own 49.8% of IOI Corp through their family investment vehicle Progressive Holdings, and hold a 65.7% stake in IOI Properties through another vehicle, Vertical Capacity.

They inherited stakes in the business following the 2019 passing of their father Lee Shin Chen, who founded the group, and are among the richest people in Malaysia, with Forbes estimating their combined net worth at US$8.5 billion in April.