IPO setback for 1MDB? Chief exec replaced

Malaysian-born, Dubai-based banker, Arul Kanda Kandasamy (pic), will replace 1MDB chief executive Mohd Hazem Abdul Rahman, who was appointed to the post in August 2012

PETALING JAYA: 1Malaysia Development Bhd (1MDB) will be welcoming its third chief executive in a space of just over five years since it was established, as the government-sponsored investment fund struggles to complete the submission of the listing of its energy unit.

Malaysian-born, Dubai-based banker, Arul Kanda Kandasamy (pic), will replace 1MDB chief executive Mohd Hazem Abdul Rahman, who was appointed to the post in August 2012.