Succession planning is on their minds. In August 2024, daughter Ren Yung, previously senior vice president of branding, was promoted to deputy CEO. In 2023, the founders’ youngest son Ho Ren Cun joined the business as director of corporate development after working as a lawyer in London and Hong Kong. (Eldest son Ho Ren Hua heads the family’s agribusiness Thai Wah, founded by Ho’s parents, and also sits on the board of Banyan Group.)
“We take to heart the issue of legacy and stewardship, and whatever we are doing now is blueprinting for the next generation,” Chiang divulged. “For myself, Claire and the next generation, we believe that having a family business is not for the privilege of owning something. It’s a huge responsibility to create a legacy that can continue for years. The family is there to serve the business, rather than the business existing to generate profits for the family,” Ho stated.
“Rather than saying we are a family business, I like to say that we are a family in business. Therefore [family members], as stewards and successors, need to subject themselves to the same discipline required to run it professionally and objectively,” Chiang said.
STEERING THE SHIP
For second generation leaders Ren Yung and Ren Cun, the 30-year milestone is a poignant time of reflection. “This is the year where I feel like past, present and future are coming together,” Ren Yung mused. “We rebranded as Banyan Group, which has revitalised our vision while staying close to our roots. We are growing faster than ever before, but we know what we stand for and we have so much hope for the future.”
The milestone is especially meaningful to Ren Cun, who also turns 30 this year. Part of his motivation for joining the family fold was to “spend quality time with my parents while they’re still in their prime and active in the business”, he shared.
“I really wanted to have the experience of walking the site with my father,” Ren Cun continued, adding that these are moments that facilitate the important transfer of “nuggets of wisdom” surrounding Banyan Tree’s design principles and values.
The biggest lesson Ren Yung has learnt from her parents include never staying still. “There’s a very strong drive for experimentation and creativity [in the company]. There are often multiple initiatives that are happening at the same time that keep us quite agile, so we are able to test and learn quite a lot.”
