This article first appeared in The Edge Financial Daily on September 12, 2017 - September 18, 2017

KUALA LUMPUR: The appointment of ex-Malakoff Corp Bhd managing director Datuk Wira Azhar Abdul Hamid as the new chairman of Felda Global Ventures Holdings Bhd (FGV) will bring in a fresh and positive perspective to FGV’s board of directors and management, said FGV’s suspended group president and chief executive officer, Datuk Zakaria Arshad.

In a brief statement yesterday, he said FGV’s board and management are currently facing a perception of crisis.

“I am also convinced that the recent positive momentum in FGV’s share price seen late last week will continue as [the] market is confident that Datuk Wira Azhar and FGV management have the ability to steer the company back on the right track.

“It is my hope that this positive development will inject renewed spirits into the group and employees to maximise returns to stakeholders and shareholders, especially Felda and the settlers/peneroka,” he said.

Last Friday, Prime Minister Datuk Seri Najib Razak announced that Azhar would be taking over from acting chairman Tan Sri Dr Sulaiman Mahbob.

Zakaria has been told to go on a leave of absence since June 6, pending the completion of a domestic investigation into alleged irregularities in dealings between FGV subsidiary Delima Oil Products Sdn Bhd and its long-term business partner, Afghan-based Safitex Trading LLC.

In a statement to Bursa Malaysia, FGV confirmed that Azhar, 56, has been appointed its new chairman, effective yesterday.

FGV said Azhar’s appointment was also recommended by the plantation firm’s nomination and remuneration committee, which was subsequently approved by the board of directors yesterday.

As for Sulaiman, 69, FGV said he has been redesignated as an independent and non-executive director with immediate effect.

“With the appointment of Azhar as the chairman of FGV, Sulaiman ceased to be the acting chairman of FGV,” the firm said in a filing with Bursa.

Meanwhile, Bernama reported that Azhar had gone to Menara Felda yesterday and had a three-hour meeting with FGV’s senior management, which Azhar said was focused on plans and efforts to improve the company’s performance.

“Even though the company is facing a crisis, the situation is not an obstacle for it to continue improving its business momentum. We will focus only on the positives and resolve each problem in stages,” he told the media after chairing the meeting.

Asked about Zakaria’s status, Azhar reportedly said: “This afternoon (yesterday), we will discuss [it]; [the outcome] may be delayed a little bit. We will get advice [before making a decision]. The company’s operation must go on. Don’t stop. We only want to ensure that the company’s performance is back on the right platform in order to restore confidence and safeguard all the stakeholders, including the shareholders,” he said.