‘Petronas chairman Mohd Sidek, director Omar Mustapha to resign’

This article first appeared in The Edge Financial Daily, on June 6, 2018.
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KUALA LUMPUR: Petroliam Nasional Bhd (Petronas)  chairman Tan Sri Mohd Sidek Hassan and Datuk Mohd Omar Mustapha, chairman of the national oil company’s remuneration committee, are slated to resign soon, according to sources.

Mohd Sidek, 67, has been chairman of Petronas since July 1, 2012, and served in the Administrative and Diplomatic Service of the Malaysian Civil Service for over 38 years previously, with the last six as the chief secretary to the government.

According to Petronas’ 2017 annual report, Mohd Sidek had worked with the international trade and industry ministry, and in 2001 was appointed deputy secretary-general (Trade) and the secretary-general in 2004.

Mohd Omar, 47, chairman of Petronas remuneration committee since 2015, is also an independent non-executive director at the oil company.

He was appointed to the board on Sept 15, 2009.

He had built a career as a strategy consultant over two decades, serving in a number of senior roles at McKinsey and Ethos.

He had also served on the Advisory Council of the Institute for Democracy and Economic Affairs and on the boards of AirAsia Bhd and Symphony House Bhd.

Mohd Sidek and Mohd Omar came in around the time when former president and chief executive officer Tan Sri Mohd Hassan Marican left Petronas in February 2010.

Mohd Hassan went on to become deputy chairman of Sembcorp Marine Ltd in 2011 and subsequently became its chairman in 2014 until now, according to Bloomberg.

He is also senior international adviser at Temasek International Advisors, among others.

The possible departures of Mohd Sidek and Mohd Omar raise the question whether this would pave the way for Mohd Hassan’s return to Petronas.

Mohd Hassan is a member of the Prime Minister Tun Dr Mahathir Mohamad’s Council of Eminent Persons as well.