This article first appeared in The Edge Malaysia Weekly on April 27, 2026 - May 3, 2026

Datuk Nik Amlizan Mohamed left The Retirement Fund Inc or KWAP at the end of March, but no replacement has been named as yet, although a handful of names have been bandied about.

Why is there a delay? Is it really that difficult to find a successor? Wouldn’t Nik Amlizan have trained and prepared one to take over the reins at the pension fund, which has assets under management of more than RM185 billion?

KWAP’s website indicates that the CEO position is vacant, a situation which does not inspire confidence. It doesn’t look good for any organisation to be without a leader, what more government-linked investment companies (GLICs), where succession planning should be prioritised for long-term business continuity and development of future leaders.

Under Nik Amlizan’s stewardship, which commenced in November 2020, KWAP’s fund size ballooned by slightly more than 25% — from RM147.48 billion in 2019 to RM185.6 billion in 2024. In 2024, KWAP recorded its highest-ever investment income of RM18 billion, translating into a total return of 12%.

It has been reported that Datuk Azmi Abdullah — who had been managing director and CEO of SME Bank and Bumiputera-Commerce Bank Bhd — has been appointed as acting CEO. Is this a stopgap measure since Azmi is already more than 75 years old?

This situation should never have arisen, as there should be a number of capable candidates being groomed to run the country’s GLICs. Judging by the game of musical chairs where a handful of corporate chieftains take turns in running the GLICs, it’s quite apparent that there is a dearth of talent, and this has to be addressed.

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