This article first appeared in The Edge Malaysia Weekly on June 15, 2020 - June 21, 2020
STATE-controlled unit trust fund Permodalan Nasional Bhd (PNB) could have a new president and CEO, sources say.
It is understood that Jalil Rasheed, 38, who was a surprise appointment to the post just seven months ago, will be leaving.
A board meeting of PNB’s directors is expected to be called soon to deliberate the matter. Tan Sri Zeti Akhtar Aziz is PNB chairman.
Sources say some issues surrounding Jalil’s appointment as CEO last October could be one reason for the departure.
PNB, which has as much as RM280 billion in funds under management, is the controlling shareholder of companies such as Malayan Banking Bhd, Sime Darby Bhd, Sime Darby Plantations Bhd, Sime Darby Property Bhd, S P Setia Bhd, UMW Holdings Bhd and Velesto Energy Bhd , held directly and via its units under the Amanah Saham funds.
Collectively, these companies under the PNB banner have a market capitalisation of a few hundred billion ringgit, making it the largest investor in the local market behind the Employees Provident Fund.
Jalil, who was appointed to the position by the Pakatan Harapan government, has been making waves with his young and vibrant brand of leadership.
Just last week, he was interviewed on a live radio show in which he sought to map out his plans for PNB, long seen as a key investor in Malaysian properties and equities, and was his usual personable, confident self.
He started out at Aberdeen Standard Investments in London and spent the first five years of his career with the outfit in various countries. Jalil returned to Malaysia to expand Aberdeen’s operations and business in the country. He took on the role of head of equity for four years, before eventually taking over as CEO of the syariah business in 2010.
At 31, he has his second stint as CEO at Invesco Ltd, a US investment firm operating in Singapore, and remained with the company for 6½ years.
When he took over as PNB CEO, he replaced another respected young corporate leader, Datuk Abdul Rahman Ahmad, who was moved to Sime Darby Bhd as non-executive chairman. Abdul Rahman assumed the position of CIMB Group Holdings Bhd’s group CEO effective June 1.
Jalil has the distinction of being the youngest CEO at PNB and, if he departs, he will also have the distinction of being the CEO with the shortest tenure.
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