Tan See Leng, Managing Director and Chief Executive Officer at IHH Healthcare, will retire by year-end. 

The announcement comes after Mitusi & Co became the majority owner of the group by raising its stake to 32.9 percent.

According to reports, Kelvin Loh, CEO of former Mount Elizabeth Hospital will replace Tan.

Tan has held his current roles in IHH since 2014. He is known for having executed the multiple acquisitions which helped IHH become Asia's most prominent healthcare group over the last decade.

Tan has spent his career in IHH for about 15 years, which included senior leadership roles such as Parkway Holdings CEO and Parkway Pantai CEO and MD. He also led the dual listing of IHH in 2012.

On his retirement, Tan was quoted in media saying, "Having laid the groundwork for the next phase of IHH's journey, it is an opportune time to pass the baton. I look forward to ensuring a seamless transition for the business."

Loh who will join as CEO-designate and executive director "to undertake a transitionary process" from July 1, and succeed Tan with effect from Jan 1, 2020.

Loh rejoins the company from Columbia Asia Group, where he has been CEO since 2017. He had previously joined IHH in 2008 and held a number of senior management roles between 2008 and 2017, last serving as CEO of Parkway Pantai's Singapore operations division before he left.

On his appointment, Loh shared, "I am excited and honored by this appointment, and look forward to working with the many experienced leaders and partners across IHH's global platform.

He further said that he had worked with Tan for several years and had the privilege of having him as my mentor and look forward to building on  Tan's strong legacy at the IHH Group.

IHH has 83 hospitals across 12 countries, with its three operating subsidiaries of Parkway Pantai, Turkish private healthcare provider Acibadem, and India's Fortis Healthcare.

IHH shares closed up one Singapore cent or 0.58 percent at S$1.74 on Monday before the announcement.