Ahmad Fuaad is UMW new president/group CEO

by AFIQ AZIZ / pic by TMR FILE

UMW Holdings Bhd has appointed Datuk Ahmad Fuaad Mohd Kenali (picture) as its new president and group CEO, taking over the vacancy left by Badrul Feisal Abdul Rahim who passed away on May 31, 2020.

In a statement yesterday, UMW stated Ahmad Fuaad, an accountant with various experiences in the corporate world, will begin his duty effective Nov 1.

Group chairman Tan Sri Hamad Kama Piah Che Othman said UMW is looking forward to Ahmad Fuaad contributions to the group.

“We are pleased to welcome Ahmad Fuaad to UMW, a leading Malaysian conglomerate with a history spanning over a century.

“His wealth of professional and corporate experience will contribute immensely to the group,” he said in the statement.

Ahmad Fuaad tendered his resignation as Malakoff Corp Bhd’s CEO and his term ends on Oct 31, according to the independent power producer’s recent exchange filings.

Ahmad Fuaad heads UMW at a time when the group faces increased competition in the automotive business segment from local brands like Perodua and Proton.

In the second quarter ended June 30, 2020 (2Q20), UMW reported a net loss of RM78.44 million from a net profit of RM57.19 million a year ago mainly due to the prolonged Covid-19 pandemic.

Additionally, the group also shared losses of RM44.1 million from its associate companies.

UMW’s 2Q revenue also dropped 48.5% to RM1.53 billion from RM2.97 billion posted in the same period a year ago.

This was dragged down by lower sales in all business segments, following disruptions caused by the implementation of Movement Control Order to combat the Covid-19 pandemic.

From January to June 2020, the group posted a net loss of RM34.12 million from a net profit of RM143.7 million, while revenue dropped 36.55% to RM3.65 billion from RM5.75 billion.

“The board of directors and I are looking forward to working closely with Ahmad Fuaad.

“We are confident that he will propel UMW to new frontiers and greater heights while continuing to deliver value to our shareholders,” Hamad Kama Piah added.

Ahmad Fuaad, 50, is a degree holder in Computerised Accountancy from the University of East Anglia, UK.

He served as a certified accountant before joining Astro Malaysia Holdings Bhd as CFO from August 2010 to July 2013. Ahmad Fuaad later joined DRB-Hicom Bhd as CFO in August 2013.

In April 2016, DRB-Hicom’s automotive subsidiary and national carmaker Proton Holdings Bhd appointed him as group CEO and ED. He left the position in September 2017 before joining Malakoff in October the same year.

Azmin Che Yusoff will cease to be the acting president and group CEO of UMW effective Nov 1, with the appointment of Ahmad Fuaad.

UMW’s shares were down 2.54% or six sen, ending at RM2.30 per share yesterday.