Zeti has expressed her intention not to renew tenure at PNB, Amrin to replace Nik Mohd Hasyudeen at TH

by AZALEA AZUAR / pic by MUHD AMIN NAHARUL

TAN Sri Dr Zeti Akhtar Aziz (picture) has officially retired from her position as Permodalan Nasional Bhd (PNB) group chairman today.

She has expressed her intention not two renew her tenure to Prime Minister and Yayasan Pelaburan Bumiputra (YPB) chairman Tan Sri Muhyiddin Yassin upon the completion of her three-year term on April 30, 2021, the government-linked investment company (GLIC) noted in a statement yesterday.

Local business daily, The Edge, reported former Chief Justice Tun Arifin Zakaria will fill the vacancy.

The PNB announcement comes on the heels of the appointment of Datuk Seri Amrin Awaluddin as Lembaga Tabung Haji’s (TH) new group MD and CEO effective May 6, replacing Datuk Nik Mohd Hasyudeen Yusoff.

The former central bank governor felt honoured to serve PNB for the past three years. During her tenure, PNB implemented its organisational transformation agenda in possibly the most tumultuous and transformative period ever experienced.

“Today, the transformation agenda has spurred greater potential for performance and innovation, as well as greater efficiency.

“PNB is now well-positioned to do even better in the future and to achieve the long-term value creation that we aim to achieve for our unitholders,” she stated in the release.

Since assuming the role in 2018, she successfully drove PNB’s transformation in three key areas. This includes the diversification of PNB investments into a broader range of asset classes and global markets.

By the end of last year, PNB’s exposure in international assets had risen to 12.3% and thus strengthened the investment portfolio from concentration in domestic equities.

By focusing on decreasing the high percentage of cash holdings with greater management of foreign-exchange risk exposures, PNB has managed to strengthen its risk and liquidity management capabilities, the release noted.

Her period also saw a massive organisational transformation to empower digital innovation, operational efficiency and various initiatives to develop the talent pool at PNB.

PNB is one of the largest fund management companies in Malaysia with assets under management exceeding RM300 billion. Its portfolio covers strategic investments in leading corporates like Malayan Banking Bhd, global equities, private investments and real estate.

PNB president and group CEO Ahmad Zulqarnain Onn has thanked Zeti for her contributions and visionary leaderships to Amanah Saham Nasional Bhd, PNB and PNB group of companies.

“She brought with her close to four decades of experience in public service and institution building from which PNB has greatly benefitted,” he said.

The appointment of PNB new group chairman will be made by YPB in due course, the fund manager noted.

Meanwhile, Amrin is currently CEO of Lembaga Tabung Angkatan Tentera (LTAT), but will relinquish that position effective May 1 and be replaced by LTAT’s current CFO Mohammad Ashraf Md Radzi beginning May 3.

TH currently has about nine million depositors with a total fund of almost RM80 billion.