KUALA LUMPUR (Sept 21): Dagang NeXchange Bhd (DNeX) has appointed Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir as its group managing director (MD) effective Oct 1 as part of its efforts to drive the group's business in response to changing economic conditions with fresh new ideas.

Syed Zainal, 58, will be taking over from acting group MD Mohd Ahzar Mohd Yusof, who will be redesignated as executive director in charge of group corporate services at the IT and e-services and energy company.

Azhar was made acting group MD on June 29.

"We believe Datuk Seri Syed Zainal has what it takes to lead the group to greater heights. He brings large corporate and public company experience with proven track record of success in various industries, and this is vital to ensure DNeX's business growth moving forward," DNeX chairman Tan Sri Abd Rahman Mamat said in a statement today.

Syed Zainal Abidin, previously the chief executive officer (CEO) and MD of Petronas Dagangan Bhd (PetDag), has been serving DNeX as an independent non-executive director since July 1.

He had also previously held various key positions in established corporations including Proton Holdings Bhd as group MD, RHB Bank Bhd and RHB Islamic Bank Bhd as independent non-executive director. He currently serves as chairman of the board of Universiti Teknologi MARA.

Shares in DNeX finished 2.56% or half a sen lower at 19 sen, valuing the group at RM334.04 million. It saw 12.81 million shares traded.