KUALA LUMPUR: The chief executive of Malaysian palm oil giant FGV Holdings Fakhrunniam Othman has resigned from the company, confirming media reports.
“Yes, it is true,” Fakhrunniam said in a brief text message to Reuters yesterday.
Fakhrunniam did not elaborate on the reasons for his departure, but it came six months after the firm, one of the world’s largest palm oil producers, was delisted by its majority shareholder – the Federal Land Development Authority (Felda).
The government said last year that Felda was planning to restructure FGV and restore its original mission to prioritise the interests of small farmholders or Felda settlers.
Two company sources told Reuters that the management dynamics at the company shifted significantly after FGV was delisted, with its board taking a more hands-on role in day-to-day operations. — Reuters
