KUALA LUMPUR (Dec 12): State-owned conglomerate Johor Corporation (JCorp) announced today that its president and chief executive officer (CEO) Datuk Kamaruzzaman Abu Kassim will be retiring effective December 31, 2019.

Before appointing a new CEO, its current vice president of corporate responsibility division Bukhari Abdul Rahma will serve as acting CEO until further notice.

Kamaruzzaman, who turned 55 this year, had been CEO of JCorp for nine years.

Prior to that, his career in JCorp spanned almost three decades through various roles in Finance, rising through the ranks to assume the Chief Operating Officer role in 2006, reporting to the then late CEO Tan Sri Muhammad Ali Hashim before taking the CEO post in December 2010.

In a statement today, JCorp gave its assurance that it is business as usual at the State investment corporation and there will be seamless transition of chairmanship positions across its group of companies at the appropriate time.

“The entire board, management and JCorp group employees would like to thank Kamaruzzaman for his invaluable contribution during his tenure with the corporation. We would like to take this opportunity to wish him all the best for his future endeavours and welcome Bukhari Abdul Rahman on board who will now assume the role,” said Johor Menteri Besar-cum-chairman of JCorp Datuk Dr Sahruddin Haji Jamal.

JCorp credited Kamaruzzaman for transforming the State-owned company into the most dynamic State investment body in the country, commanding strong growth under his leadership.

"Kamaruzzaman also steered JCorp through the global financial crisis in 2008-2009, subsequently establishing it on more resilient financial footing. In [the] years of his leadership, group net assets at book value grew significantly from RM5.8 billion to RM9 billion as at FY2018," it added.