In a filing with Bursa Malaysia, the company said Looi, 50, would resign effective Feb 8 to pursue other business and personal interests.
Abd Rahim’s redesignation will also take effect on the date.
In a statement, MBM said Looi had made valuable contribution to the group over the last 16 years.
Following Looi’s resignation, Abd Rahim, 68, will have the authority to manage the day-to-day affairs of the group until a permanent chief executive officer is appointed.
Abd Rahim, previously the company’s group managing director (from 1993-2006), holds extensive knowledge and experience in the automotive industry as well as the group’s businesses.