Malaysian businessman Tan Sri Dr Khoo has retired from his roles as chairman and director of Laura Ashley after almost two decades at the business.
He has also resigned his position as executive chairman of Malayan United Industries Berhad which owns a majority stake in Laura Ashley.
His replacement at Laura Ashley is the company’s former non-executive director, Andrew Khoo Boo Yeow, who joins with immediate effect.
Khoo said: “Tan Sri Dr Khoo leaves an important legacy and retires having left Laura Ashley a stronger and much-loved global brand as a result of his vision. I look up to what he has achieved, draw inspiration from his remarkable accomplishments and continue to follow the values he espouses.’’
Laura Ashley posted full-year pre-tax profits of £5.6m in June this year, down 33% on the previous year.