KUALA LUMPUR (Nov 30): Boustead Holdings Bhd has appointed Izaddeen Daud as its group chief executive officer effective Dec 1, 2022, taking over the leadership from Datuk Seri Mohamed Shazalli Ramly.
In press a release on Wednesday (Nov 30), Boustead said Izaddeen’s appointment was in line with the Boustead Group’s Senior Leadership Succession Programme.
Prior to his appointment, Izaddeen was Boustead’s deputy group managing director from March 1, 2021. He also served as an acting CEO for Boustead Properties Bhd from July 2020 to February 2021.
Boustead said Izaddeen, together with outgoing group managing director Mohamed Shazalli, has been instrumental in steering the group back to the black for the financial year ended Dec 31, 2021 after three consecutive years of losses.
Boustead chairman Datuk Seri Mohd Redzuan Md Yusof said, “The board has agreed to appoint Izaddeen, who has huge experience and an excellent track record in the corporate sector.
“He has the board’s full support to lead the group in strengthening the existing core businesses and developing new ventures that will further increase the shareholder value and take Boustead to new heights,” he said.
Izaddeen holds a Bachelor of Science (Honours) in Accounting and Law from De Monfort University, Leicester, the UK. He is a certified financial planner, and a fellow member of the Institute of Public Accountant, Australia.
Commenting on his appointment, Izaddeen said, “I would like to thank the board for placing their trust in me to lead this venerable organisation. I am looking forward to working with all employees of the group, who have shown great strength and resilience to ensure that Boustead survives the recent challenging period, including the Covid-19 pandemic."
Izaddeen added, “On behalf of the management team at Boustead Group, I would like to express our appreciation and gratitude to Dato’ Sri Mohammed Shazalli for his leadership and guidance in the past two years. The management team will continue to drive forward in implementing the Reinventing Boustead strategy, a vision that was initiated during the early days of Dato’ Sri Mohammed Shazalli’s tenure in Boustead.”
There have been several new appointments since Mohamed Shazalli took over the helm at Boustead as group managing director in December 2020.
In early 2021, the group revealed its "Reinventing Boustead" strategy after its parent Lembaga Tabung Angkatan Tentera decided not to pursue the privatisation of Boustead.
The armed forces pension fund has a 59.43% direct stake in Boustead. The strategy involves value creation within the group's existing core businesses, changing business models for new revenue sources, rationalising a few non-strategic assets, as well as venturing into the digital services and technology sector.