Malaysia’s sovereign wealth fund Khazanah Nasional said on Tuesday it has appointed the former chief financial officer of Malayan Banking (Maybank) Amirul Feisal Wan Zahir as managing director effective July 16.
Amirul Feisal, who resigned from Maybank on Monday, will take over from current Khazanah head Shahril Ridza Ridzuan who will be “departing to pursue his personal interests upon the expiry of his contract,” Khazanah said in a statement.
Shahril Ridza was appointed in 2018 amid a shakeup at the fund after a new government led by Mahathir Mohamad took power.
Since 2019, Khazanah has restructured its portfolio into commercial and strategic holdings, which include ownership of national carrier Malaysia Airlines and highway operator PLUS Malaysia Bhd.
The fund has also sold its equity interest in several companies including Chinese e-commerce firm Alibaba Group Holding Ltd, BDO Unibank Inc of the Philippines, London-based fashion retailer Farfetch, Indian tech firm Infosys Ltd and poultry company Charoen Pokphand Indonesia tbk.
Last year, Khazanah’s profit dropped 60.6% as divestment gains fell sharply amid the coronavirus pandemic.
The fund has said it expects further challenges this year, with key sectors such as aviation and tourism not expected to recover until 2023.