MALAYSIA Venture Capital Management Bhd (Mavcap) is wasting no time in finding a new chief executive officer to replace Mohd Azwar Mahmud, whose contract of service was terminated by its board of directors effective Tuesday.
Board chairman Datuk Dr Abdul Samad Alias, who is now also acting CEO, told StarBiz yesterday that the company was in a “search mode” for a new chief executive.
“Ideally, we would want someone who is under 40 years old and hasworked for an MNC (multinational corporation),” he said.
Samad said he did not intend to play the CEO role for more than three months. “I am not interested in the job. I am already retired ? this job is for someone younger.” he said.
He declined to reveal the reason for the termination of Azwar’s contract or comment on the many theories circulating in the business community in Kuala Lumpur.
“It was a board decision and I am just doing what the board has directed me to do. I have a duty to the board and we (board members) have to be accountable. It was a decision that had to be made and it was not taken lightly,” he said.
It is understood that the decision to terminate Azwar's contract was made at a board meeting on April 1. Recent news reports said that his contract was only due to expire in April next year.
According to the Mavcap website, which was still showing Azwar as CEO yesterday, he was previously CEO of Kedah’s State Economic Development Corp.
Mavcap, incorporated by the Government three years ago, was allocated RM500mil by the Minister of Finance Inc for investing in and nurturing the technology sector as well as promoting the growth of the venture capital market in Malaysia.