Wahid may quit as PNB chairman in July

Tan Sri Abdul Wahid Omar: "The time is not right for Permodalan Nasional Bhd (PNB) to invest abroad considering the ringgit is weak compared with its true value."

KUALA LUMPUR: Tan Sri Abdul Wahid Omar is negotiating exit terms and is expected to resign as group chairman of Permodalan Nasional Bhd (PNB) as early as July.

Bloomberg quoted a news report that Wahid was also expected to quit as chairman of Sime Darby Property Bhd.

Abdul Wahid declined to comment on his plans at both companies when met recently, according to the news report.

He was appointed as the PNB chairman following the completion of his term as a senator and Minister in the Prime Minister’s Department in charge of the Economic Planning Unit from June 2013 to June 2016. 

Prior to his cabinet appointment, Abdul Wahid was the president and chief executive officer (CEO) of Malayan Banking Berhad (Maybank), Malaysia’s largest banking group and one of the leading banking groups in Southeast Asia, from May 2008 until June 2013. 

Maybank was the third major organisation that he has led as CEO. Prior to joining Maybank, he was the group CEO of Telekom Malaysia Bhd from July 2004 until its demerger with Axiata Group Bhd in April 2008.