This article first appeared in The Edge Financial Daily, on September 15, 2016.
KUALA LUMPUR: Permodalan Nasional Bhd (PNB) president and group chief executive officer (CEO) Tan Sri Hamad Kama Piah Che Othman will retire from PNB after 37 years of service at the end of this month. Former Ekuiti Nasional Bhd (Ekuinas) CEO Datuk Abdul Rahman Ahmad will take over on Oct 1.
In a statement issued yesterday, PNB said that Hamad Kama Piah, who has served as CEO of the government-linked investment company (GLIC) for 18 years, will officially retire on Sept 30.
However, Hamad Kama Piah will continue to serve as chairman of the group’s wholly-owned property development arm, PNB Development Sdn Bhd.
“Tan Sri Hamad has been with the group for 37 years, 18 ½ (years) of which as its CEO. He has been instrumental in delivering sustained and competitive returns to PNB’s unit holders,” PNB group chairman Tan Sri Abdul Wahid Omar said in the statement.
“On behalf of the board and management, I would like to thank Tan Sri Hamad for his outstanding service, drive and commitment in leading PNB to what it is today as a leading and respected investment institution in the country.”
With over 25 years of experience in audit, corporate and private equity, Abdul Rahman served as Media Prima Bhd’s group managing director and CEO prior to establishing Ekuinas. He also held the same posts at Malaysian property, construction and infrastructure conglomerate, Malaysian Resources Corp Bhd (MRCB).
As a Master of Arts holder in Economics from Cambridge University in the UK and a member of the Institute of Chartered Accountants in England and Wales, Abdul Rahman is also currently a board member of several organisations including Icon Offshore Bhd, Axiata Group Bhd, RHB Bank and RHB Investment Bank Bhd, DRB-Hicom Bhd, Astro Malaysia Holdings Bhd and M+S Pte Ltd, a joint-venture company of Khazanah Nasional Bhd and Temasek Holdings (Private) Ltd.
“The board is also pleased to have Datuk Abdul Rahman as the new president and CEO, and is confident that an early succession will be achieved,” Wahid said.
“With his experience establishing and leading Ekuinas and his vast corporate experience previously as CEO of Media Prima and MRCB, I look forward to working with him to build on the existing strengths of our institution and take PNB successfully into its next phase of corporate development.”
The impending departure of Hamad Kama Piah follows that of former group chairman Tun Ahmad Sarji Abdul Hamid who retired in July after 19 years. He was replaced by Wahid.
Both Hamad Kama Piah and Ahmad Sarji have been the public faces of PNB for many years. The change of guard at the GLIC got some asking whether this could mark the start of a new era at PNB.