KUALA LUMPUR (Aug 7): Datuk Ahmad Nizam Salleh, the newly appointed chairman of Petroliam Nasional Bhd (Petronas), has quit the board of construction and oil and gas outfit, WZ Satu Bhd.

In a filing to the exchange today, WZ Satu said Ahmad Nizam, 62, has resigned from his position as an independent and non-executive director in the compan, "to pursue other business opportunities".

With his resignation, Ahmad Nizam also ceased to be the chairman of WZ Satu’s remuneration committee. Ahmad Nizam has been on WZ Satu's board since April 11, 2016.

According to WZ Satu’s latest annual report, Ahmad Nizam was with Petronas corporate head office from 1981 to 1987, where he held various positions such as analyst, planner and project coordinator in corporate planning and finance sectors. 

Subsequently, he held various senior positions in Petronas from 1988 to 2002, including head of crude oil group and later, group treasury. In 2004, he became managing director (MD) of Malaysia LNG Group of Companies and was promoted to vice-president, corporate services division of Petronas in 2007. From July 2010 to August 2015, he was MD of Engen Ltd, a subsidiary of Petronas in South Africa.

On Aug 1, the Prime Minister’s office announced that Ahmad Nizam would be the new Petronas chairman with immediate effect. He replaced Tan Sri Mohd Sidek Hassan, who stepped down as chairman on June 30, on completion of his extended three-year contract that began on July 1, 2015.