This article first appeared in The Edge Financial Daily on December 13, 2019 - December 19, 2019

KUALA LUMPUR: State-owned conglomerate Johor Corp (JCorp) announced that president and chief executive officer (CEO) Datuk Kamaruzzaman Abu Kassim will be retiring effective Dec 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, 55, had been CEO of JCorp for nine years. His career spanned almost three decades through various roles in finance, rising through the ranks to assume the chief operating officer role in 2006, reporting to then late CEO Tan Sri Muhammad Ali Hashim before taking the CEO post in December 2010.

In a statement yesterday, JCorp gave its assurance that business is as usual at the state investment corporation and there will be seamless transition of chairmanship positions across its group of companies at an 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 on board who will now assume the role,” said Johor Menteri Besar-cum-chairman of JCorp Datuk Dr Sahruddin Jamal.

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

“Kamaruzzaman steered JCorp through the global financial crisis in 2008-2009, establishing a more resilient financial footing. In the years of his leadership, the book value of group net assets grew significantly from RM5.8 billion to RM9 billion for FY2018,” it added.