KUALA LUMPUR (Feb 25): Ranhill Utilities Bhd executive director Tan Sri Hamdan Mohamad (pictured) will be redesignated as executive chairman of the company effective Saturday (Feb 26), replacing Tan Sri Azman Yahya who is stepping down from the non-executive chairman’s role.

Hamdan, 65, will continue in the role of president and chief executive, a position he has held since June 2013. He was appointed as executive director of Ranhill in December 2015.

In a bourse filing on Friday (Feb 25), Ranhill Utilities, a company with interests in power and environment sectors, said Azman, 58, would be resigning from the company, citing "personal commitment".

Ranhill Utilities’ Annual Report 2020 showed that Azman was appointed to the board of Ranhill Utilities in September 2014, and was appointed non-executive chairman in February 2019.

Azman started his career at KPMG in London. In 1988, he returned to Malaysia where he built his career in investment banking to become the chief executive of Amanah Merchant Bank. In 1998, he was tasked by the government to set up and head Danaharta to acquire, manage and resolve the non-performing loans in the banking sector.

He was also the chairman of the Corporate Debt Restructuring Committee to mediate and assist in debt restructuring programmes of viable companies. He was also the executive chairman of Symphony Life Bhd until his retirement in April 2021.

Ranhill Utilities’ shares closed up 0.5 sen or 0.96% at 52 sen on Friday, bringing a market capitalisation of RM680.36 million.