PETALING JAYA: UMW Holdings Bhd has appointed Datuk Ahmad Fuaad Mohd Kenali (pix) as its president and group chief executive officer (CEO) effective Nov 1, the automotive conglomerate said.
Ahmad Fuaad, 50, will leave his post as CEO of Malakoff Corp Bhd by the end of the month.
UMW said its current acting president and group CEO, Azmin Che Yusoff, will return to his post as chief operating officer – corporate.
Azmin (pic below)was appointed as acting CEO in June after the post was vacated following the passing of Badrul Feisal Abdul Rahim.
Ahmad Fuaad has more than 26 years experience in corporate Malaysia, especially in the automotive industry.
Ahmad Fuaad was subsequently seconded to national car company Proton Holdings Bhd as CEO and executive director from 2016 to 2017.
His varied career in DRB-Hicom included his stint as a board member of key subsidiaries such as Pos Malaysia Bhd, Bank Muamalat Malaysia Bhd, Edaran Otomobil Nasional Bhd, Horsedale Development Bhd, Glenmarie Properties Sdn Bhd and Alam Flora Sdn Bhd.
In 2017, Ahmad Fuaad joined Malakoff as CEO. In Malakoff, he sat on the board of a majority of its local and overseas subsidiaries and associate companies.
UMW is one of the leading industrial, engineering and automotive groups. It is the exclusive distributor of Toyota vehicles in Malaysia.
For the second-half ended June 30, UMW slipped into the red after posting RM34.12mil in losses compared with a net profit of RM143.69mil a year ago due to declining sales during the movement control order that started on March 18 to reduce the number of coronavirus (Covid-19) infections.
Its revenue for the period was down 36.6% year-on-year to RM3.65bil.
UMW earlier said the group was optimistic of a healthy business recovery in the second-half of 2020, with the gradual opening of businesses.
It noted consumer sentiment was improving following the economic stimulus measures implemented by the government, including sales tax exemptions on vehicles till year-end and lower interest rates to spur the growth of the local automotive market.
Recently, UMW launched a new sport-utility vehicle model and enhancements to the current product offering are expected to improve sales.
The group said its heavy equipment sub-segment continued to face sluggish domestic demand.