This article first appeared in The Edge Financial Daily on December 12, 2017

KUALA LUMPUR: Pos Malaysia Bhd group chief executive officer (CEO) Datuk Mohd Shukrie Mohd Salleh is stepping down on Dec 31 after five years with the company, saying he has been seeking a career change for quite some time.

He will be replaced by Datuk Azlan Shahrim, who will report to the board of directors until a suitable candidate is appointed.

In a filing with Bursa Malaysia yesterday, Pos Malaysia said Mohd Shukrie has served DRB-Hicom Bhd, the parent company of Pos Malaysia, for 12 years, including five years at the national postal company.

“During his tenure, Datuk Shukrie has served Pos Malaysia well, which saw many key initiatives undertaken. Datuk Shukrie also played a vital role in the acquisition of logistics-related assets, consummating [a] strategic collaboration with Lazada Malaysia, one of the pivotal elements of the newly launched Digital Free Trade Zone by the government recently, as well as other collaborations, with Tigers Ltd of Hong Kong, among others,” it added.

The group said Pos Malaysia saw consistent improvements in its business operations during Mohd Shukrie’s leadership.

Mohd Shukrie began his career with Public Bank Securities Sdn Bhd before working for United Overseas Bank Bhd.

In 2005, he joined DRB-Hicom, assuming several leadership roles, including that of principal controller, chief financial officer, chief operating officer (COO) and CEO in various companies within the group.

Mohd Shukrie was the group CEO of Pos Aviation Sdn Bhd, the aircraft ground handling, cargo and logistics arm of DRB-Hicom, before the acquisition of Pos Aviation by Pos Malaysia on Sept 15, 2016.

On July 1, 2011, Mohd Shukrie joined Pos Malaysia as group COO and was redesignated as group CEO on Feb 1, 2013. Prior to his appointment as Pos Malaysia’s group CEO, he was CEO of Pos Logistics Bhd.

Last month, Pos Malaysia announced that its net profit jumped 2.8 times to RM18.83 million in the second financial quarter ended Sept 30, 2017 from RM6.74 million a year ago, mainly due to the inclusion of a newly acquired logistics business, and strong growth in its courier business. Quarterly revenue grew 48.6% to RM587.16 million from RM395.12 million.

Cumulative six-month net profit rose 41.9% to RM54.75 million from RM38.58 million a year ago, mainly due to higher revenue generated from the inclusion of the logistics and aviation segment. Revenue was also up 47.8% to RM1.2 billion from RM810.99 million.

Pos Malaysia said its prospects remain positive as its business continues to be largely driven by strong e-commerce growth in Malaysia.

Since Mohd Shukrie’s appointment as CEO in November 2015, Pos Malaysia’s market capitalisation has more than doubled from RM2.06 billion.

Yesterday, Pos Malaysia’s share price rose one sen or 0.19% to RM5.39, with a market capitalisation of RM4.22 billion. Year to date, the counter has risen 37.9%.