KUALA LUMPUR: Tan Sri Mohd Bakke Salleh has been appointed to succeed Tan Sri Megat Zaharuddin Megat Mohd Nor as the chairman of the Federal Land Development Authority.
His appointment, effective July 1 is for two years.
Mohd Bakke was the group managing director of Felda Holdings Bhd in 2009 and was subsequently appointed as the group president and chief executive officer of the then Felda Global Ventures Holdings Bhd, which is now known as FGV Holdings Bhd.
Having vast experience in the plantation industry, Mohd Bakke is the perfect candidate for the post as he can ensure the state-owned plantation agency’s smooth turnaround, Public Investment Bank analyst Chong Hoe Leong told Bernama.
However, the position was nothing short of challenging amid the financial woes with debts and losses soaring, as well as the challenges within the plantation sector itself, he said.
A white paper released to Parliament in April revealed that Felda’s total liabilities increased substantially by 1,100% from RM1.2bil in 2007 to RM14.4bil in 2017 compared with an increase in asset value at only 107%. — Bernama