KUALA LUMPUR (Dec 14): DRB-Hicom Bhd has appointed Datuk Sri Syed Faisal Albar bin Syed Ali Rethza Albar as group chief executive officer (CEO) effective Jan 4, 2016, replacing the outgoing group managing director (MD) Tan Sri Mohd Khamil Jamil.

The conglomerate's announcement confirmed an earlier report today by theedgemarkets.com that had quoted a source as saying that Mohd Khamil will retire at the end of Feb 2016, to be replaced by Syed Faisal.

Syed Faisal was previously the CEO of Malakoff Corp Bhd, Gas Malaysia Bhd, and New Straits Times Press (Malaysia) Bhd.

He was also the former executive director of Konsortium Logistik Bhd and group MD of Pos Malaysia Bhd.

Mohd Khamil, who will reach the retirement age of 60 in Jan next year, will relinquish his position as group MD of the company on March 1, 2016, and Syed Faisal will assume overall management responsibility and control of DRB-Hicom, according to the group's announcement.

Mohd Khamil had joined the group as deputy chairman in July 2005, and was appointed as group MD in March 2006.

At the noon break, DRB-Hicom shares traded unchanged at RM1.21 with 189,700 shares done. Its share price gave it a market capitalisation of RM2.34 billion.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)