Malaysia’s largest fund manager PNB confirms CEO reshuffle

Kuala Lumpur, Malaysia. Photo: Pixabay

Malaysia’s state-linked investment fund Permodalan Nasional Bhd (PNB) has confirmed the impending departure of its current president and group chief executive Abdul Rahman Ahmad upon the completion of his contract on September 30, 2019.

The development was first reported by theedgemarkets.com on Tuesday.

In a statement on Wednesday, PNB said Abdul Rahman will assume the position of non-independent non-executive and chairman at Malaysian conglomerate Sime Darby Bhd, succeeding current chairman Wan Abdul Aziz Wan Abdullah who is retiring on October 31.

The $72-billion state investment fund owns a 52 per cent stake in Sime Darby. Established by the Malaysian government in 1978, PNB currently has over 300 billion ringgit ($72 billion) in assets under management.

PNB also announced the appointment of Jalil Rasheed who will take over Abdul Rahman’s role as president and group chief executive, effective October 1. Jalil is currently the CEO of the South Asian operations for US-headquartered Invesco. He was earlier the CEO of Aberdeen Islamic Asset Management before leaving for Invesco in 2013.

“Previously based overseas, his appointment is in line with the government’s wish to make optimal use of Malaysian global talents and consistent with PNB’s strategic initiative to diversify its assets globally,” said the fund.

Separately, in a filing to Bursa Malaysia today, Sime Darby said its current chairman Wan Abdul Aziz plans to retire due to health reasons. To facilitate the transition, Abdul Rahman will take on the role of non-independent non-executive on September 1 before assuming the role of chairman in October.

Abdul Rahman started his career at Arthur Andersen, London and later served as special assistant to the executive chairman of Trenergy (M) Bhd/Turnaround Managers Inc (M) Sdn Bhd. Subsequently, he joined Pengurusan Danaharta Nasional Bhd as unit head and later went on to become an executive director of SSR Associates Sdn Bhd.

He then assumed the post of group managing director/CEO of Malaysian Resources Corp Bhd and subsequently served the same position for Media Prima Bhd. Before becoming the president and group CEO of PNB in 2016, Abdul Rahman was the CEO of state-linked private equity firm Ekuiti Nasional Bhd (Ekuinas).