KUALA LUMPUR (July 28): Shares in Sime Darby Bhd slipped 0.1% in the morning session today, ahead of a series of appointments to the group and its spinoffs.

The counter closed at RM9.53 in morning trade, with 2.99 million shares done.

During lunch break, Sime Darby announced its chairman Tan Sri Abdul Ghani Othman will assume the same post in Sime Darby Plantation Bhd, while its group chief executive officer (CEO) and president Tan Sri Mohd Bakke Salleh will become the plantation company's executive deputy chairman and managing director (MD).

Datuk Franki Anthony Dass, the current head of Sime Darby Plantation will be taking on a new role as the company's chief advisor and value officer, while Renaka Ramachandran will be its chief financial officer (CFO).

In a statement today, Sime Darby also revealed Permodalan Nasional Bhd group chairman Tan Sri Abdul Wahid Omar has been named as chairman of Sime Darby Property Bhd.

Former Media Prima Bhd group MD Datuk Seri Amrin Awaluddin has been appointed as the property developer's MD, while Sime Darby's current group CFO Datuk Tong Poh Keow will be redesignated as Sime Darby Property's executive director and CFO.

Meanwhile, Sime Darby's deputy chairman Tan Sri Dr Wan Abdul Aziz Wan Abdullah has been promoted to become chairman of the leaner and more focused group itself, while Jeffri Salim Davidson will become its president and group chief executive.

At the same time, the group announced its two wholly-owned subsidiaries Sime Darby Motors and Sime Darby Industrial will continue to be led by managing directors Datuk Lawrence Lee Cheow Hock and Scott William Cameron respectively. Sime Darby Logistics' managing director is Timothy Lee Chi Tim.

"Sime Darby Plantation and Sime Darby Property are on course for listing at the end of this year. All three companies will be helmed by individuals who have the required skills and experience to manage large, complex organisations and are highly regarded for their integrity and business acumen," Abdul Ghani said in the statement.
 
“We are confident that all three pure plays have the right leadership to take the companies forward in these challenging times. Their task is to grow the businesses and their challenge is to achieve this, while delivering consistent returns for all their stakeholders,” he added.