The CEO is expected to meet MoF officials this week to iron out details of his departure
By NG MIN SHEN / Pic By ISMAIL CHE RUS
Datuk Wan Kamaruzaman Wan Ahmad (picture) will be stepping down as the CEO of Retirement Fund Inc (KWAP), five years after leading the country’s largest civil servant pension fund.
A source close to the matter said Wan Kamaruzaman is expected to meet the Ministry of Finance (MoF) officials this week to iron out the details of his departure from the pension fund, which manages RM140.8 billion of assets at the end of last year.
“The date of his departure (from KWAP) will be known when he meets the new KWAP chairman this week,” the source told The Malaysian Reserve.
KWAP is an agency under the MoF and reports directly to the government. Datuk Ahmad Badri Mohd Zahir, who was appointed as the Treasury secretary general on Sept 12 this year, is KWAP’s chairman.
He replaced Datuk Seri Ismail Bakar, who was appointed as chief secretary to the government on Aug 29. Ismail replaced Tan Sri Dr Mohd Irwan Serigar Abdullah as the Treasury secretary general on June 12 this year.
Speculation of Wan Kamaruzaman’s exit from KWAP has risen a few notches following several leadership departures and appointments at other state-owned funds — including the latest at Lembaga Tabung Angkatan Tentera (LTAT).
Last month, KWAP CIO Nik Amlizan Mohamed was appointed as CEO and board member of Lembaga Tabung Angkatan Tentera (LTAT). She replaces Tan Sri Lodin Wok Kamaruddin who resigned on Sept 7.
LTAT is considered a smaller government-linked investment company (GLIC) based on asset size.
At Khazanah Nasional Bhd, Datuk Shahril Ridza Ridzuan was appointed as MD after the departure of Tan Sri Azman Mokhtar. Shahril Ridza was previously the Employees Provident Fund (EPF) CEO. Tunku Alizakri Raja Muhammad Alias, who was the EPF deputy CEO (strategy), has since been appointed to lead the country’s largest pension fund.
Former Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz was appointed chairman of Permodalan Nasional Bhd (PNB), Malaysia’s largest fund manager. She replaces Tan Sri Abdul Wahid Omar.
Changes have also occurred at other state-owned investment funds like Lembaga Tabung Haji (TH) and the Federal Land Development Authority (Felda). Felda is saddled with an RM8 billion debt, while Prime Minister Tun Dr Mahathir Mohamad has been critical of TH’s operations.
Changes at corporate Malaysia — especially at GLICs and state-owned companies — have come thick and fast since Pakatan Harapan’s stunning general election victory.
The new government seeks to reform GLICs and government- linked companies, especially over exorbitant salary claims.
It is not known who will replace Wan Kamaruzaman, who was appointed to the post since May 2, 2013. He is also a board member of Malakoff Corp Bhd and ValueCap Sdn Bhd, an investment company equally owned by KWAP, Khazanah and PNB.
One of the names mentioned by the market as a possible candidate to lead KWAP is Syed Hamadah Othman from Actuarial Partners Consulting. He is a fellow of the Institute and Faculty of Actuaries, UK, and a fellow of the Actuarial Society of Malaysia.
Syed Hamadah holds a BSc (Honours) in Actuarial Mathematics and Statistics from Heriot-Watt University, Edinburgh, and is one of the country’s leading practitioners in the actuarial retirement space.