PNB CEO Rahman said to be leaving

by BLOOMBERG/ pic by MUHD AMIN NAHARUL

MALAYSIA’S biggest state-owned fund Permodalan Nasional Bhd’s (PNB) CEO Datuk Abdul Rahman Ahmad (picture) will be leaving, a person with knowledge of the matter said.

Abdul Rahman will be replaced by Jalil Rasheed, Singapore investment director at Invesco Ltd, said the person, who asked not to be identified as the information is private.

Abdul Rahman joined PNB in 2016 after a stint as CEO of Ekuiti Nasional Bhd, a state-linked private equity firm.

The move signals that Malaysia isn’t done with a leadership reshuffle at government-linked companies, which started with the departures of former PNB chairman Tan Sri Abdul Wahid Omar, as well as executives at CIMB Group Holdings Bhd and Khazanah Nasional Bhd.

The management changes followed the return of Prime Minister Tun Dr Mahathir Mohamad, who led the current government to a surprise victory in the May 2018 election.

A representative for PNB didn’t immediately respond to an email seeking comment, while Jalil couldn’t be immediately reached for comment.

PNB was set up by the government in 1978 to help boost the wealth of the country’s ethnic Malays by investing in local companies. The fund has total assets of RM301.4 billion as at endMay, with Abdul Rahman and Abdul Wahid unveiling plans in 2016 to boost the assets to RM350 billion by 2022. — Bloomberg