KUALA LUMPUR (May 17): PPB Group Bhd has announced the retirement of its non-independent and non-executive chairman Tan Sri Oh Siew Nam, effective Wednesday (May 17).

Oh, 84, has been on the company’s board as non-independent and non-executive chairman since March 2016, according to the diversified conglomerate’s filing on local bourse.

He served the group as non-independent and executive chairman from 2004 to 2016, and managing director (MD) from 1993 to 1999.

Prior to joining PPB, Oh, who holds a degree in electrical engineering from the University of Canterbury in New Zealand, was the assistant controller of Telekom Malaysia for five years before joining FFM Bhd in 1968. He was FFM MD from 1982 to 2002 and executive chairman from 2002 to 2006, according to the PPB website.

"He was also the chairman of PPB Oil Palm Bhd from 2004 to 2007, a board member of Bank Negara Malaysia (BNM) from 1989 to 2015, and had served as a member of the Capital Issues Committee and the National Economic Consultative Council II (MAPEN II)," it said.

In another filing, PPB said it has redesignated Datuk Ahmad Sufian @ Qurnain Abdul Rashid, 73, to non-independent and executive director from his previous post as independent director.

At the closing bell on Wednesday, shares in PPB settled down eight sen or 0.49% at RM16.24, giving the group a market capitalisation of RM23.1 billion.