KUALA LUMPUR: Pharmaniaga Bhd has appointed a turnaround specialist, its deputy chief executive officer (CEO) Zulkifli Jafar, as executive director, and disbanded its almost one-year old executive committee, as the company looks to exit its Practice Note 17 (PN17) status.
The executive committee was formed on March 14, 2023, when its then chief executive officer Datuk Zulkarnain Md Eusope resigned after Pharmaniaga made RM552.3 million provision for vaccines in financial year 2022, pushing it into PN17 status.
It submitted its regularisation plan to Bursa Malaysia on Feb 23, 2024, with the aim of exiting its PN17 status.
Pharmaniaga announced today that the executive committee comprising of Ahmad Shahredzuan Mohd Shariff, Zulkifli Jafar, Mohamed Iqbal Abdul Rahman and Norai'ni Mohamed Ali will be disbanded on Mar 1, 2024.
Zulkifli will take over the role and functions of the executive committee in running Pharmaniaga's operations. He has been Pharmaniaga's deputy chief executive officer since February 2023.
A trained corporate lawyer, Zulkifli has vast experience in corporate restructuring and turning around companies during his stint as a lawyer over 25 years.
Pharmaniaga also appointed three new independent non-executive directors.
National Pharmaceutical Control Bureau, now known as National Pharmaceutical Regulatory Agency, assistant director Datuk Dr Faridah Aryani Md Yusof.
University Malaya Medical Centre chairman and former Destini Bhd managing director Datuk Mohd Zahir Zahur Hussain and PT Kimia Farma Apotek president director Drs Imam Fathorrahman.
All these appointments will take effect on March 1.
Pharmaniaga chairman Izaddeen Daud said the consolidated leadership team, supported by the new board members, is poised to steer the company through its transformative phase and foster sustainable growth in both Malaysia and Indonesia.
"In the face of 2023's challenges, we took decisive steps to streamline our operations and concentrate on our strengths. 2024 marks a new beginning for the group with comprehensive strategies well in place and already in motion.
"Combined with our dedication to enhancing our competitive position and exploring new growth opportunities, we are optimally aligned for sustainable progress and on course to exit PN17 status within our projected timeframe," Izaddeen said.
Pharmaniaga narrowed its losses in the financial year ended Dec 31, 2023 (FY23) to RM77.45 million thanks to lower one-off provisions for slow moving pandemic-related consumable inventories.