The wind of change is inevitable at corporates

More changes are expected at GLICs/GLCs as the govt looks to cut fat salary structure


Changes are happening thick and fast in corporate Malaysia.

Last Friday, BIMB Holdings Bhd announced the abrupt resignation of its CEO Khairul Kamarudin (picture). He also relinquished his position as Bank Islam Malaysia Bhd CEO, Malaysia’s oldest Islamic financial institution with immediate effect.

No reason was given for Khairul’s sudden exit.

His resignation came a week after BIMB’s major shareholder Lembaga Tabung Haji announced the appointment of Tan Sri Mohammed Nor Md Yusof as the fund’s new chairman.

The haj pilgrims fund also named former BIMB CEO Datuk Seri Zukri Samat as its new CEO.

Khairul replaced Zukri as CEO at BIMB and Bank Islam about a year ago.

Since the recent historic general election, some government- linked companies (GLCs), government-linked inve stment companie s (GLICs) and related stateowned bodies have witnessed changes at the chairman/ board and/or executive levels. There are previously 36 identified GLCs.

The new government has reiterated its commitment to changing the fat salary structure of GLICs/GLCs’ CEO and board members. More changes are expected at these companies.