KUALA LUMPUR (Oct 8): UMW Holdings Bhd has appointed Malakoff Corp Bhd chief executive officer (CEO) Datuk Ahmad Fuaad Mohd Kenali as its new president and group CEO, which will take effect from Nov 1.

Ahmad Fuaad, 50, will resign as Malakoff CEO and the resignation will take effect from Oct 31. Upon his resignation from Malakoff, Ahmad Fuaad, who is also a director with Malakoff Power Bhd by vitue of his CEO post at Malakoff, will also be relinquishing his board position at Malakoff Power, UMW said in a stock exchange filing.

With the appointment of Ahmad Fuaad to the head of the company, the auto company said its acting president and group CEO Azmin Che Yusoff will return to his position as chief operating officer in the corporate division.

Prior to Ahmad Fuaad's appointment, the president and group CEO's post was held by Badrul Feisal Abdul Rahim, who passed away at end-May this year. He had held the post close to five years since his appointment on Oct 1, 2015.

UMW shares closed six sen or 2.54% lower at RM2.30 today, valuing it at RM2.69 billion, after 875,300 shares were traded.

Year to date, UMW's share price has almost halved from when it was trading at RM4.49.