PETALING JAYA: Bumi Armada Bhd independent non-executive director Tunku Ali Redhauddin Tuanku Muhriz is set to succeed Datuk Seri Mahamad Fathil Mahmood as the company's chairman.
The company said in a statement that the boardroom change was in line with the 2012 Malaysian Code of Corporate Governance, which recommends the board of public-listed companies be headed by an independent chairman.
It also said Mahamad would remain on the board as a non-independent, non-executive director to allow for a smooth transition and succession.
Tunku Ali was appointed to the company's board on Jan 17 and has over 14 years' experience in the global investment and client service consulting fields.
Meanwhile, deputy chairman and director Datuk Ahmad Fuad Md Ali, who was due to retire by rotation at the next AGM on June 18, has given notice that he will not seek re-election.
“Datuk Fuad wishes to pursue his other external personal/business interests and allow opportunities for younger professionals to succeed,” it said.
Mahamad and Fuad are major shareholders of Bumi Armada through their jointly controlled Ombak Damai Sdn Bhd. They were appointed to the Bumi Armada board in 2006 and 2007, respectively
In a separate statement to Bursa Malaysia, Bumi Armada announced a cash dividend of 0.14 sen per share, less tax, on top of the tax-exempt final dividend of three sen for the financial year ended Dec 31, 2012.
“The company will automatically move to the single-tier tax system on Jan 1, 2014 and any future dividend payments will be tax exempt,” it said.