Vincent Tan and son Robin to step down from executive roles at Berjaya Corp
Tan Sri Vincent Tan Chee Yioun and his son Datuk Sri Robin Tan Yeong Ching will step down from their executive roles at Berjaya Corp Bhd (BCorp), according to sources. At present, Tan is the executive chairman and Robin is executive deputy chairman.
An announcement is expected to be made today, sources told theedgemarkets.com, although it remains unclear when these changes will take effect.
The latest changes in leadership come after the appointment of former Permodalan Nasional Bhd chief executive officer (CEO) Jalil Rasheed as the group CEO of BCorp last month.
Jalil, who made history as the first group CEO from outside the Tan family, will “relook at BCorp’s corporate structure, optimise financial and human resources, improve synergies and efficiency, enhance corporate governance and transparency, streamline the various group businesses to create and enhance shareholder value, and to transform BCorp into a high-performing organisation,” according to an earlier statement by the company.
Since his appointment, BCorp’s shares have risen 158% from 18 sen on March 16 to 46.5 sen so far today, nearly three weeks from the day of Jalil’s appointment. The group’s market capitalisation so far today stood at RM2.25 billion.
Since his entry into the group, Jalil himself has acquired 136 million shares in the group, representing a 2.71% stake, at an estimated price of approximately RM41.27 million.
In an Instagram post, Jalil said that he had “always enjoyed having skin in the game as a shareholder CEO rather than an employee CEO”.
“I have acquired 70 million BCorp shares to show I’m putting my money where my mouth is. This will ensure I remain focused on driving shareholder value,” he added.
Source : The Edge
3 Hours Later : Vincent Tan redesignated as Berjaya Corp non-executive chairman, son Robin to relinquish executive role
Berjaya Corp Bhd (BCorp) executive chairman Tan Sri Vincent Tan Chee Yioun announced today that he will be resigning from his position effective immediately, confirming a report by The Edge this morning.
In a statement to the local bourse, BCorp said Tan will remain on the board of directors as the non-executive chairman.
“This is in line with his vision to transform the BCorp group into an institutionalised corporation, managed by professionals,” it said.
Meanwhile, BCorp group chief executive officer (CEO) Abdul Jalil Abdul Rasheed, who was appointed to the board on March 16, has been mandated to transform the group into a high-performing organisation through streamlining the various group businesses to create and enhance shareholder value, optimising financial and human resources, improving synergies and efficiency as well as enhancing corporate governance and transparency, according to the statement.
Tan said with Jalil Rasheed on board as the group CEO, handling the strategic and operational decision-making and planning the future business direction of the group, together with executive deputy chairman Datuk Sri Robin Tan Yeong Ching, he is confident that BCorp is in capable hands and will be able to move forward progressively towards greater heights.
“It is also important to give Jalil space and freedom to run Berjaya [Corp] in his own style. I can now take a step back from active day-to-day involvement in the group’s businesses and devote more of my time and energy to promote charitable initiatives and other interests. I have been blessed with my fortune and am thankful for the many opportunities Malaysia has given me. Now it’s time to give back,” he said.
He also said he is particularly passionate about building affordably priced homes for Malaysians as housing is a basic need and essential for a person’s sense of dignity, safety and inclusion.
“In the last two years, the Better Malaysia Foundation assembled a ‘brain trust’ of like-minded professionals to help formulate innovative solutions to address the affordability gap faced by low-income Malaysians, namely the B40 (bottom 40% income group) households. We are launching a new social enterprise programme with one national goal, which is to assist our government’s efforts in solving homeownership needs of low-income Malaysians through innovative and sustainable solutions. Our government has always been passionate about providing affordable homes for low-income Malaysians. We believe that the new social enterprise programme will be able to complement the government’s affordable housing agenda,” he said.
Meanwhile, Robin said his father had been mentioning his recent desire to take a step back and to let professionals manage the running of the group.
“By relinquishing his executive role, he will now have more time to pursue his many other passions.
“The BCorp group has evolved much over the years and so has the management. Once the group’s transformation process and plan have stabilised, in accordance with Vincent Tan’s vision of independent professional management, I also plan to step into a non-executive role on the board. This will then also allow me to pursue my own personal passions,” he said.
Jalil Rasheed, who will be taking his first three months to do a strategic review of the group, said he is currently working with Robin and the board to kick-start the transformative process and bring Tan’s future vision for the group to fruition.
“BCorp is a very diversified group and I am meeting my new colleagues in the various businesses to identify core and non-core assets, and clustering the group into consumer verticals, in line with our vision to become a diversified consumer group. We will engage with the public and investment community when we are ready to unveil our strategic plan,” He said.
At the noon break today, BCorp settled two sen higher at 47 sen, valuing the group at RM2.3 billion. The group, among the most actively traded stocks, saw 104.5 million shares change hands.
The counter had risen 161% from 18 sen on March 16, when it appointed Jalil as the group CEO.
Source : The Edge
After Abdul Jalil’s hire, tycoon Vincent Tan cedes executive control of Berjaya Corp
Berjaya Corp Bhd’s (BCorp) Tan Sri Vincent Tan is stepping aside as executive chairman and relinquishing control of the firm to his son and Abdul Jalil Abdul Rasheed, who was recently recruited to be chief executive officer.
The firm said in a statement that Tan will remain on its board as non-executive chairman, with son Datuk Seri Robin Tan continuing as executive deputy chairman.
The elder Tan said he was confident that BCorp was under the stewardship of those able to steer it to greater heights.
“It is also important to give Jalil space and freedom to run Berjaya in his own style. I can now take a step back from active day-to-day involvement in the Group’s businesses and devote more of my time and energy to promoting charitable initiatives and other interests.
“I have been blessed with my fortune and am thankful for the many opportunities Malaysia has given me. Now it’s time to give back,” Tan said in a statement announcing his move.
BCorp said Abdul Jalil, who joined on March 16, was given the mandate to transform the group into a high-performing organisation with an eye on enhancing corporate governance and transparency.
Tan hinted at his next passion project, saying that he was concerned about the affordability gap faced by B40 Malaysian households in purchasing their own homes and said he planned to address this via the Better Malaysia Foundation.
“We are launching a new social enterprise programme with one national goal, which is to assist our government’s efforts in solving the home ownership needs for low-income Malaysians through innovative and sustainable solutions,” he said.
In the same statement, Robin said his father’s decision was to ensure that professionals would be in charge of running BCorp.
Robin also disclosed that he would relinquish executive control in the future.
“Once the Group’s transformation process and plan have stabilised, in accordance with Tan Sri Vincent Tan’s vision of independent professional management, I also plan to step into a non-executive role on the Board. This will then also allow me to pursue my own personal passions,” Robin said.
Abdul Jalil, who will be taking the first three months to do a strategic review of the BCorp Group, said he was working with Robin to kickstart the transformative process and bring Vincent’s future vision for the Berjaya Group to fruition.
“BCorp is a very diversified group and I am meeting my new colleagues in the various businesses to identify core and non-core assets and clustering the Group into consumer verticals, in line with our vision to become a diversified consumer group. We will engage with the public and investment community when we are ready to unveil our strategic plan.” he said.
Abdul Jalil was previously chairman of Permodalan Nasional Bhd (PNB) but departed the state-linked corporation under a cloud of controversy.
His recruitment at BCorp was notable as it was the first time the firm appointed someone outside the Tan family for the executive role.
Source : Malay Mail
Previously : Tun Daim Was Behind CEO PNB Jalil Rasheed’s Appointment
Daim Behind CEO PNB Jalil Rasheed’s AppointmentRecall that after GE14, a number of top executives at GLCs were unceremoniously removed for undisclosed reasons. Was all this also the work of the same hidden hands behind Jalil’s appointment as PNB CEO that has now led to this messy state of affairs?
(The Edge) – The Edge Malaysia Weekly’s report at the weekend on the possible departure of 38-year-old Jalil Rasheed as the CEO of Permodalan Nasional Bhd (PNB) had triggered a lot of chatter on social media. There has been much speculation on the reasons, and debate whether those reasons are justifiable.
Datuk Abdul Kadir Jasin, who was media advisor to former Prime Minister Tun Dr Mahathir Mohamad, took to his blog to write that “the reason they cooked up is his academic qualification, which some authorities said was a matter of interpretation.”
Kadir alleges political motives behind what is happening.
Jalil had in various disclosures stated that he graduated with a Bachelor’s of Science (Honours) in Accounting and Finance from the London School of Economics and Political Science (LSE), UK. He had also stated that from 2013 till 2019, he was the CEO of South East Asia for Invesco Ltd and a member of Invesco’s Global Investment Committee and Global Management Committee. And before that, he spent 10 years in Aberdeen Asset Management, and as CEO of its Islamic Asset Management unit.
The question is, are his claims true? Because his education, experiences, knowledge and track record must have been a major basis for his appointment in the first place. Such due diligence and governance are even more important for an institution like PNB.
PNB is one of the largest fund management companies in Malaysia with RM300 billion of funds under management, representing the savings of more than 14 million Malaysians. It has more than 1,500 direct employees. It is the controlling shareholder of strategic and large national corporations, like Malayan Banking, Sime Darby, UMW, SP Setia, MIDF and Malaysian Reinsurance. PNB is a key institution of this nation, formed in 1978, to fulfill the aspiration of the New Economic Policy.
These 14 million Malaysians with their savings entrusted to PNB have the right to demand that those who are responsible for managing PNB must have high integrity and be trustworthy.
Jalil, apparently, did not attend LSE in the UK. Instead. He did an external student degree program with the University of London, in association with LSE, at a college in Kuala Lumpur.
There is, of course, nothing wrong that he got his degree through an external program. Indeed, many Malaysians take that route because not everyone can afford to study overseas, and they, like Jalil, should be credited for their grit to pursue a university degree.
The issue, however, is whether there was a misrepresentation that he graduated from the LSE? Perhaps it is just a matter of interpretation, as LSE is one of 17 colleges under the umbrella of the University of London. But those who studied and graduated from LSE would argue there is a fundamental difference.
Another issue is whether Jalil played those global roles in Invesco Ltd and Aberdeen Asset Management, as stated in his resume? Were his past work experiences “stretched”?
A key question is this: Would Jalil be qualified to be appointed the CEO of PNB based on the facts now known?
Whatever the outcome, it is sad that the career of a young man will likely change drastically after this. But it need not have happened.
How come the “discrepancies” were not noticed till now, especially for an institution like PNB? Were there lapses in governance and due diligence? Who was responsible and why?
We must address this if we do not want this to happen again.
Last September Mahathir, responding to a media question, said he was unaware of the appointment of Jalil as CEO of PNB, even though he was the chairman of Yayasan Pelaburan Bumiputra (YPB), which is effectively the controlling entity of PNB.
When the chairperson of PNB, Tan Sri Zeti Aziz, was asked about this, she said Mahathir did not know the timing of the announcement and he did not want to preempt it. Possible, but not necessarily reconcilable explanations.
Zeti denied that she decided on the appointment of Jalil without any consultation. She explained that PNB is regulated by the Securities Commission and adopts a strict, rigorous and robust governance process. “We have a nomination and remuneration committee of the board. And then (it was) presented to the board and to YPB.”
That being the case, how did the lapses in due diligence happen?
Were there other factors and forces at work that led to the surprise departure of then PNB CEO Datuk Abdul Rahman Ahmad and the appointment of the young and relatively unknown Jalil?
Recall that after GE14, a number of top executives at GLCs were unceremoniously removed for undisclosed reasons. PNB chairman Tan Sri Abdul Wahid Omar, Khazanah Nasional managing director Tan Sri Azman Mokhtar, CIMB Holdings chairman Datuk Seri Nazir Razak were among them.
Was all this also the work of the same hidden hands behind Jalil’s appointment as PNB CEO that has now led to this messy state of affairs?
Source : Malaysia Today
Ex-Pos Malaysia CEO Mohd Shukrie takes over as acting MAHB chief
Malaysia Airports Holdings Bhd (MAHB) group chief executive officer (CEO) Raja Azmi Raja Nazuddin has stepped down two years short of his three-year contract, handing the reins over to its chief operating officer (COO) Datuk Mohd Shukrie Mohd Salleh.
In a surprise move, MAHB yesterday announced that Raja Azmi, 52, has resigned to pursue other opportunities.
Raja Azmi joined MAHB on Feb 1, 2016 as chief financial officer before he was promoted to his current position on Jan 4, 2019.
“As a public-listed company, MAHB will be undertaking the proper process to identify and appoint a suitable successor,” the airport operator said in a brief statement.
“In the interim, the board has appointed Datuk Mohd Shukrie Mohd Salleh, the current COO, as the acting group CEO with immediate effect,” it added.
Mohd Shukrie, 46, has been COO of MAHB since May 1, 2019. Prior to that, he was the COO of Redbox Logistics, AirAsia Group Bhd’s logistics arm, from February 2018 to February 2019 and then COO of AirAsia from March 2019 to April 2019.
He was also the former group CEO of KL Airport Services Sdn Bhd, the aircraft ground handling, cargo and logistics arm of DRB-Hicom Group. On July 1, 2011, he joined Pos Malaysia Bhd as group COO and was thereafter redesignated as covering group CEO on Feb 1, 2013. In 2013, he joined Konsortium Logistik Bhd as group CEO.
He became the group CEO of Pos Malaysia from November 2015 to December 2017.
MAHB’s leadership change comes amid uncertainty over the fate of the Regulated Asset Base (RAB) framework for the determination of aviation tariffs and a move to liberalise the local airport sector. MAHB stock had a tumultuous year in which its market value lost RM1.48 billion and stood at RM12.54 billion yesterday. As such, all eyes will be on MAHB’s share price today in reaction to the news of the change.
Yesterday’s announcement was made after market close. Shares in MAHB closed unchanged at RM7.56, down 9% in the last one year.
“At the moment we can only speculate the reason for Raja Azmi’s sudden departure, whether he was asked [to go] or it was his own decision. But it does create more uncertainties for MAHB such as the finalisation on its operating agreements with the government, the RAB framework, as well as whatever outstanding issues that MAHB has with its customers,” an aviation analyst, who declined to be named, told The Edge Financial Daily.
Still, the analyst said it could present an opportunity for MAHB’s share price to correct itself to reflect the stock’s actual value. “Also, with Mohd Shukrie as acting CEO, this could help improve MAHB’s relationship with AirAsia given that Shukri was previously the COO there,” the analyst added.
When Mohd Shukrie was appointed as COO of MAHB in May last year, AirAsia group CEO Tan Sri Tony Fernandes had tweeted that “Shukrie is a top man. Taught me a lot and I wish him well. He values partners, can communicate well and is a positive man and a team player. These are the qualities that have been lacking in MAHB. I am sure with him there now things will improve.”
“Malaysia would win big time if MAHB embrace some of our ideas and were supportive of low-cost airlines. Shukrie will make the difference and I applaud the board for hiring him. We just didn’t have a proper role for this talented man. I wish him well,” said Fernandes, adding that Shukrie will one day “make an excellent CEO in aviation”.
Since 2018, several lawsuits have been filed by MAHB and AirAsia against each other so much that the Employees Provident Fund, a substantial shareholder of both AirAsia and MAHB, had written to both parties expressing its hope that the dispute could be settled through negotiations.
Mohd Shukrie’s appointment is expected to smooth the way for communication between the two.
Source : The Edge
Mokhzani Mahathir Appointed Maxis Chairman
Tan Sri Mokhzani Mahathir has been appointed the new chairman of Maxis Bhd effective April 22, the telco group said today.
The appointment comes as its current chairman Raja Tan Sri Arshad Raja Tun Uda decides to step down after 11 years of chairing the company since its listing in 2009.
“It has been a privilege and honour to serve as chairman of Maxis for 11 years, to work alongside my fellow board members in guiding the company in its incredible transformation from a leading mobile player to the leading converged solutions provider in the country,” said Arshad in a statement.
“I believe that it is time for me to pass on the role of chairman to a younger member of the board, and I congratulate Tan Sri Mokhzani for his appointment.
“He is a highly experienced corporate leader and entrepreneur who is well versed with the telecommunications industry, having been on the board for some years and on several board committees.
“I am confident with the continued support and commitment from everyone at Maxis, the company will grow from strength to strength under his leadership,” Arshad added.
Source : The Edge
Shahril Mokhtar tipped to helm Prasarana again
( Former Managing Director of DWL Resources Bhd That Advised Tun Daim In Negotiations With China Over ECRL )
DATUK Seri Shahril Mokhtar, who previously served as group managing director of Prasarana Malaysia Bhd and CEO of Mass Rapid Transport Corp Sdn Bhd (MRT Corp), is tipped to return to helm loss-making Prasarana Malaysia Bhd.
The position of CEO has been vacant since January, following the abrupt departure of former president and group CEO Datuk Mohamed Hazlan Mohamed Hussain, who was suspended from his position, reportedly following mounting public complaints against the light rail transit (LRT) services such as late notifications of breakdowns.
Names that have been bandied around to take over the CEO position include former Keretapi Tanah Melayu Bhd chief Mohd Rani Hisham Samsudi, as well as Azhar Ahmad and Mohd Azharuddin Mat Sah — the former CEOs of Rapid Penang Sdn Bhd and the now-defunct Land Public Transport Commission (SPAD) respectively.
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If appointed, Shahril will be Prasarana’s third chief executive in three years. Mohamed Hazlan was at the job for 15 months, while his predecessor Masnizam Hisham only served eight months of her three-year contract.
An industry source believes Shahril’s experience makes him among the best suited to fill the position. He served in the same role at Prasarana from October 2010 to December 2014. During that time, he led the group’s business turnaround and business transformation plans.
According to DWL Resources Bhd’s filing with Bursa Malaysia, Shahril has over 14 years’ experience in the transport sector. He had prior stints in organisations including RapidKL, Ministry of Transport, SPAD and MRT Corp.
Shahril was at the helm of MRT Corp from January 2015 until December 2018, during which he was responsible for overseeing and monitoring the development of the multibillion-ringgit Klang Valley Mass Rapid Transit Line 1 (MRT1) and MRT2 projects.
In April, DWL Resources announced that Shahril had resigned as managing director of the construction company after a year on the job. At the time, talk was that he might return to helm MRT Corp.
Both KTMB and Prasarana are entities under the purview of the Ministry of Finance (MoF). Prasarana manages the intra-city rail lines, MRT, LRT and the monorail, as well as feeder bus systems. It also operates the Penang ferry operations through its subsidiary Rapid Ferry Sdn Bhd.
Since the new government took over in March, there have been several changes at the helm of state-owned companies and government-linked companies. Earlier this month, Pasir Salak assemblyman Datuk Seri Tajuddin Abdul Rahman was appointed Prasarana’s group chairman, replacing former Chief Judge of Malaya Tan Sri Zaharah Ibrahim, who had resigned.
CTOS’ latest data shows that for the financial year ended December 2018 (FY2018), Prasarana’s net loss doubled to RM5.15 billion, while revenue fell 12% year on year to RM746.09 million. As at end-December 2018, it had total assets of RM4.53 billion and total liabilities of RM35 billion. Prasarana has yet to file its financial accounts for FY2019.
However, in August last year, Mohamed Hazlan told a press conference that the group had so far halved the losses incurred in FY2018. He also said Prasarana was on track to delivering an annual revenue of between RM800 million and RM900 million in FY2019, while narrowing losses to achieve positive earnings before interest, taxes, depreciation and amortisation by 2021.
Apart from turning the company around, one of the immediate tasks of the new CEO would be to improve Prasarana’s image. It was reported in October last year that three of its officers were being probed by the Malaysian Anti-Corruption Commission.