Sept. 9, 2003
KUALA LUMPUR, Malaysia -- Datuk George Ting Yew Tong, executive director and president of KFC Holdings (M) Bhd's fast-food division, will step down from the company's board of directors on Sept. 15 (see related story KFCH exec won't cut Shakey's ties, expected to step down).
KFCH is a 30-store Pizza Hut franchisee (and a 70-store KFC franchisee) with sites in and around Malaysia. Ting owns a large stake in rival Shakey's Pizza franchises through companies such as Synergy Sdn Bhd and Prominent Eight Sdn Bhd. Those Shakey's sites are located in the Far East and the Pacific Rim, and are not owned by Inno-Pacific Holdings, the Singapore-based owner of Shakey's Inc. in the U.S.
According to The Star, Ting had until Sept. 15 to sell his interests in Shakey's if he wished to remain on the KFCH board. He told the board, however, it was time to move on to other things.