KUALA LUMPUR (Jan 2): Kumpulan Perangsang Selangor Bhd (KPS) announced today that its chief executive officer (CEO) Ahmad Fariz Hassan has been appointed the group's managing director (MD), effective yesterday.

In a statement, the group said Ahmad Fariz will now serve as both the group's MD and group CEO. His tenure as CEO started on May 1, 2016.

Coming from an accounting background, Ahmad has 20 years of experience in the banking, investment and property development sectors, and was previously with Ekuiti Nasional Bhd and Khazanah Nasional Bhd.

Meanwhile, the group said Koay Li Onn has been appointed its independent non-executive director, effective yesterday as well.

Koay is currently MD of Bangsawan Group, which provides corporate, financial and strategic advice across Singapore and Malaysia, and has 22 years of experience in law, finance and banking.

KPS chairman Raja Shahreen Raja Othman said the group's latest boardroom changes reflect its "ongoing strategic shift towards becoming a high-growth and returns-focused entity".

He said Ahmad Fariz has been a pivotal force in conceptualising and realising the group's business transformation plan, where various acquisitions of new businesses and holding of majority stakes in growth-centric companies have placed the group on a path of sustainable expansion.

With full responsibility for the leadership and development of KPS business, he will now be tasked to play an even greater role in meeting the group's ambitious business plan going forward, Raja Shahreen said.

He said Koay's extensive experience, business acumen and network across various sectors will strategically complement the board's counsel in establishing and guiding KPS's business direction.

With the inclusion of Ahmad Fariz and Koay, the group's board of directors has now expanded from eight people to 10.

As of 2.54pm, KPS shares were trading unchanged at RM1.21.