The banking group’s Board is currently undertaking a robust review and assessment process to identify a suitable replacement 

by PRIYA VASU & SHAFIQQUL ALIFF  / Pic by TMR FILE PIX

CORPORATE Malaysia saw a slew of announcements on boardroom changes signalling a fresh start to the first business day of 2022. 

Malaysia’s biggest bank, Malayan Banking Bhd’s (Maybank) group president and CEO (GPCEO) Datuk Seri Abdul Farid Alias (picture) announced that he will not be seeking a renewal of his contract that expires on Aug 1 this year. 

In a filing to Bursa Malaysia yesterday, Abdul Farid, who has held the position as GPCEO of Maybank since Aug 2, 2013, informed Maybank’s Board he would like to pursue his interests following the conclusion of his third term as GPCEO. 

The bank stated that the process to identify a new GPCEO has commenced led by the Nomination and Remuneration Committee of the Board. 

Maybank chairman Tan Sri Zamzamzairani Mohd Isa said the banking group’s Board is currently undertaking a robust review and assessment process to identify a suitable replacement for Abdul Farid, which includes assessing internal and external candidates. 

“The new appointee will be announced once we have submitted and obtained the necessary regulatory approvals for the appointment. Although we are disappointed that he has decided not to renew his contract and the Board respects his decision,” Zamzamzairani said. 

Abdul Farid, 52, began his banking career at Aseambankers Malaysia Bhd, a subsidiary in the Maybank Group in January 1992 before broadening his experience with Schroders plc, Malaysia International Merchant Bankers, JPMorgan Chase & Co and Khazanah Nasional Bhd. 

He re-joined Maybank in January 2009, holding several key business positions including as the International Business head, and Global Banking deputy president and head before he was appointed GPCEO. 

Retirement fund (Inc) or KWAP, announced the appointment of Hazman Hilmi Sallahuddin as its new CIO effective Jan 3, 2022. Hazman was previously the MD of Damansara Assets Sdn Bhd, a wholly owned real estate subsidiary of Johor Corp and the CEO of AMAL by Malaysia Airlines Bhd, a wholly owned subsidiary of the Malaysian Aviation Group.

Prior to that, Hazman was with Khazanah where he served in various roles across the organisation over 12 years, including as the senior VP of Khazanah Europe Investment Ltd based in London and VP of Khazanah Turkey Regional Office based in Istanbul. Boustead Holdings Bhd has appointed Datuk Seri Mohd Redzuan Md Yusof, 64, as the group’s new independent non-executive chairman. 

He was a former Minister of Entrepreneur Development and Co-operatives from 2018 to 2020 and later Minister in the Prime Minister’s Department (Special Functions) from 2020 to 2021. 

“We look forward to Datuk Seri Mohd Redzuan’s leadership, guidance and counsel to meet our strategic goals in line with the Reinventing Boustead strategy of accelerating overall performance to enhance and maximise shareholder value while protecting the interests of our shareholders, especially Lembaga Tabung Angkatan Tentera as our majority shareholder,” said Boustead Group MD Datuk Seri Mohammed Shazalli Ramly. 

Healthcare provider Ramsay Sime Darby Health Care Sdn Bhd (RSDH), meanwhile, announced the appointment of Peter Hong as its group CEO effective Jan 1, 2022. 

In a statement yesterday, the healthcare group stated Hong has been the acting group CEO since September 2021. He joined Sime Darby Bhd’s Healthcare 

Division in January 2019. Together with joint venture partner Ramsay Health Care, Hong has been pivotal in overseeing the RSDH Group’s progress during the Covid-19 pandemic to drive business growth and operational excellence. 

With 28 years of experience in the healthcare industry in South-East Asia, Hong has worked for several large multinational companies in the pharmaceutical and medical sectors. 

Rating agency RAM Rating Services Bhd appointed Awang Za’aba Awang Mahmud as its new CEO effective Jan 1, 2022. 

He takes over from Chris Lee Wai Kit. Lee remains RAM Ratings ED and will continue to serve as a Rating Committee member, the ratings agency said in a statement yesterday. 

He also remains the group CEO/ RAM Holdings Bhd ED. Awang Za’aba has been with RAM for more than 26 years and was most recently its group chief compliance officer. 

As CEO, he will be responsible for further strengthening RAM Ratings’ position in the rating business space by providing strategic leadership, as well as overseeing its day-to-day operations.