Khazanah Nasional Bhd has announced the appointments of a new chairman of the board executive committee (exco) and two deputy MDs as the state-owned strategic investment fund cements its succession roadmap.

Tan Sri Md Nor Yusof has been appointed chairman of the exco, effective Dec 5, 2017. Md Nor is presently Khazanah’s board member.

The former MD of Malaysian Airline System Bhd (MAS) has held various positions in Khazanah investee companies.

Speculations on who will replace Azman intensified in recent months (Pic by Muhd Amin Naharul/TMR)

In a surprise move, Khazanah also announced the appointments of two deputy MDs, the first time it has created such a position. The appointments of the deputy MDs would put the lid on speculation on who will replace the present MD Tan Sri Azman Mokhtar (picture).

Ahmad Zulqarnain Onn (main picture) and Tengku Datuk Seri Azmil Zahruddin Raja Abdul Aziz, the fund’s EDs, have been appointed as the deputy MDs. Their appointments will take effect on Jan 1, 2018.

Ahmad Zulqarnain is currently the ED of investments covering Khazanah’s investments in Indonesia, Asean and and the financial institutions group sector.

The 45-year-old former Danajamin Nasional Bhd CEO joined Khazanah in May 2014.

Tengku Azmil is the ED covering innovation and technology sector, life sciences, and Africa, as well as Khazanah’s offices in San Francisco and Khazanah Koridor Utara in Penang. He was previously MAS CEO.

Khazanah in a statement also announced the formation of the Board Nomination and Remuneration Committee to be chaired by Md Nor, with immediate effect.

These appointments were decided at the Khazanah’s board of directors meeting chaired by Prime Minister Datuk Seri Mohd Najib Razak in Langkawi yesterday.

Khazanah said the appointments are part of the “succession planning process”.

Meanwhile, Tan Sri Andrew Sheng, who has been Khazanah’s board since July 2008, was appointed as Khazanah Research Institute (KRI) chairman with effect from Nov 29, 2017, while Yeo Kar Peng has been appointed to the Khazanah’s board effective Dec 5, 2017.

“Overall, the new appointments involving the Khazanah board, senior leadership team and KRI board of trustees supplements Khazanah’s ongoing institutionalisation efforts,

which are a key focus for Khazanah, as it continues to move forward in delivering its mandate as the strategic investment fund of the government of Malaysia,” Khazanah said.

Speculations on who will replace Azman, the accountant who had helmed Khazanah for the last 13 years, intensified in recent months. A few names had been thrown into the ring, while questions on Khazanah’s performance had been raised.

The MD position in Khazanah is a very influential position as the fund controls majority stakes in some of the country’s largest government-linked companies.