Internal candidates to head PNB

Flashback: Sarji (left) dan Hamad Kama Piah showing the ASN dividend returns for last year. Will the former pass the chairmanship to the latter?

SPECULATION is rife that the recent internal restructuring at Permodalan Nasional Bhd (PNB) in the last week of December suggests there is unlikely to be any outsiders to take over the chairmanship of Tun Ahmad Sarji Abdul Hamid.

Sarji, who is speculated to retire, has been the chairman of PNB, Malaysia’s largest fund management company that manages total funds over RM255bil, for the past 19 years.

Sources say Sarji’s successor is believed to be PNB’s current president and group chief executive Tan Sri Hamad Kama Piah Che Othman. Hamad Kama Piah has over 30 years experience in the fields of investment, unit trust management and corporate finance. He helmed PNB at the height of the 1997-1998 Asian financial crisis which was a very demanding and challenging task.

“Hence, it will be no big surprise if Hamad Kama Piah is chosen as the new chairman of PNB.

“During his leadership, he has successfully steered PNB out of the worst storm and also contributed towards developing PNB to become stronger especially on the corporate exercises that have added value to the PNB group of companies,” adds the source.

This also dispelled market talk that “outsiders” – government-linked companies’ chieftains such as Sime Darby Bhd president and group chief executive Tan Sri Mohd Bakke Salleh or Lembaga Tabung Haji managing director and CEO Tan Sri Ismee Ismail – will be brought in to helm PNB.

“The succession plan is currently being carried out internally within the PNB group that could result in a change of guard at the helm of PNB,” adds the source.

To assist Hamad Kama Piah, new posts were created recently, which saw Datuk Idris Kechot appointed as PNB deputy president and group chief operating officer, while Datuk Wan Roshdi Wan Musa as chief risk officer, effective from December 2014.

It is also speculated that Idris or Wan Roshdi could later assumed Hamad Kama Piah’s current position should the latter be appointed PNB chairman.

Both Idris and Wan Roshdi have strong credentials.

Idris is formerly the executive director of PNB’s susbsidiary Amanah Saham Nasional Bhd (ASNB) while Roshdi, formerly PNB’s chief investment officer with over 30 years experience.

Idris has now been tasked to oversee the asset management department which covers both PNB’s domestic and international investments. Sources opined that new blood is needed at PNB’s top brass management to generate new ideas and energy to further expand the group’s business portfolio.

“There is a need for PNB to innovate, deliver new products and provide competitive returns to its unit holders,” adds a source.

PNB has more than 35 years of experience and a proven track record in managing various asset classes domestically and internationally, namely equities and real estate.

As a major player in the unit trust industry, PNB has established a reputation as an institution worthy of mobilising and managing funds of Malaysians. It has more than 11.6 million account holders.

PNB’s unit trust business is undertaken by ASNB, which manages 12 unit trust funds, and Amanah Mutual Bhd, which has 15 funds.

To date, some of PNB’s investee companies formed part of the thrust of the country’s economy. They include local companies with commendable track records such as Malayan Banking Bhd, UMW Holdings Bhd and Sime Darby Bhd. PNB has also invested in multinational companies such as Goodyear Malaysia Bhd and Unilever (M) Holdings Bhd.