PETALING JAYA: The chairman of Permodalan Nasional Bhd (PNB), Tan Sri Dr Zeti Akhtar Aziz, will step down with effect from today after three years with the board.
Zeti, who was a former governor of Bank Negara, was appointed as the chairman of PNB in July 2018, succeeding Tan Sri Abdul Wahid Omar.
PNB is the country’s largest fund management company with assets under management of RM322.6bil.
In a statement yesterday, 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 that saw PNB’s exposure in international assets grow to 12.3% by the end of 2020, which has strengthened its investment portfolio from concentration in domestic equities.
Secondly, PNB said it 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, it said.
Zeti said that it had been an honour to have served as the group chairman of PNB for the three years, during which it implemented its 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 unitholders, ” she added.
Meanwhile, PNB 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.
Sources said one name being touted to succeed Zeti as PNB chairman is former Chief Justice Tun Arifin Zakaria.
Zeti’s departure comes a day after the Armed Forces Fund Board (LTAT) announced that its CEO Datuk Seri Amrin Awaluddin was leaving.
Amrin will be join Lembaga Tabung Haji (TH) as its new group MD and CEO, effective May 6.
He will succeed Datuk Nik Mohd Hasyudeen Yusoff, who has helmed TH since September 2019.
Sources said there could possibly be a change at Khazanah Nasional Bhd too.
The contract of its current managing director Datuk Shahril Ridza Ridzuan will end this August.