Zeti steps down as PNB chairman

Tan Sri Dr. Zeti Aziz

KUALA LUMPUR: The chairman of Permodalan Nasional Bhd (PNB), Tan Sri Dr Zeti Akhtar Aziz will be stepping down with effect from April 30 after three years with the board.

In a statement Thursday, PNB said Zeti had officially written to the Prime Minister and Yayasan Pelaburan Bumiputra (YPB) chairman to express her intention not to renew her tenure as group chairman upon the completion of her three-year term on April 30.

The appointment of the new group chairman of PNB will be made by YPB in due course.

PNB said Zeti had driven PNB’s transformation journey since her appointment as group chairman in 2018, which has seen the institution achieving great strides across three key areas.

“Firstly, the diversification efforts into a broader range of asset classes and global markets saw PNB’s exposure in international assets grow to 12.3% by the end of 2020, strengthening the investment portfolio from concentration in domestic equities.

“Secondly, PNB has managed to strengthen its risk and liquidity management capabilities, focusing on lowering the high percentage of cash holdings with greater management of foreign exchange risk exposures.

“Finally, PNB has embarked on a group-wide organisational transformation to engender digital innovation, operational efficiency and various initiatives to develop the talent pool,” PNB said.

Zeti said: “It has been my honour to have served as the group chairman of PNB for these three years, during which we have implemented our organisational transformation agenda in possibly the most tumultuous and transformative period ever experienced.”

“Today, the transformation agenda has spurred greater potential for performance and innovation, as well as greater efficiency. PNB is now well-positioned to do even better in the future and to achieve the long-term value creation that we aim to achieve for our unit holders,” she added.

Meanwhile, president and group chief executive Ahmad Zulqarnain Onn said the board and management were grateful to Zeti for her visionary leadership and invaluable contribution to PNB, ASNB, and the PNB group of companies these past three years.

“She brought with her close to four decades of experience in public service and institution building from which PNB has greatly benefited,” he said.

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