KUALA LUMPUR (June 13): The Ministry of Finance (MOF) announced on Thursday that Datuk Seri Awang Adek Hussin will retire as executive chairman of the Securities Commission Malaysia (SC) effective June 15.
Current board member Datuk Mohammad Faiz Azmi has been named as the new chairman for a three-year term until June 15, 2027, according to the ministry in a statement. The ministry also thanked Awang Adek for his service.
This confirms an article by The Edge last week, quoting sources, that said Awang was looking to step down from his post and would likely be replaced by Mohammad Faiz.
It is not known what prompted Awang — who has helmed the SC as executive chairman since June 2022 — to decide to leave prior to the expiry of his contract in late May next year.
Mohammad Faiz has been a member of the SC board since August 2023. He previously served as the executive chairman of PricewaterhouseCoopers (PwC) Malaysia and chairman of the Malaysian Accounting Standards Board (MASB).
“With his experience, the ministry is confident that he can make an excellent contribution to ensure that the SC achieves its goal of becoming a high-performing organisation,” said MOF.
Recounting the SC's achievements under Awang's leadership, MOF highlighted that the regulator overhauled two key capital market laws — which are now awaiting government approval — and introduced a crowdfunding platform known as the Social Exchange for projects with positive social outcomes.
“His other achievements include the launch of the Capital Market Graduate Programme (investED) to ensure a sustainable pool of skilled industry workforce, the Maqasid al-Shariah principles for the Islamic capital market, and the blueprint for SMEs and mid-tier companies,” it added.