KUALA LUMPUR: Tan Sri Abdul Wahid Omar is retiring as Permodalan Nasional Bhd (PNB) chairman effective from June 30.
PNB said former Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz would replace Wahid from July 1.
The country’s largest fund manager also announced that Wahid was also retiring as trustee of parent Yayasan Pelaburan Bumiputra (YBP).
“The board of directors of PNB would like to take the opportunity to thank Tan Sri Abdul Wahid for his invaluable contribution and dedicated service as the group chairman.
“The boards of YPB and PNB welcome the appointment of Tan Sri Dr Zeti and expressed confidence that given her longstanding and vast experience, she will continue to provide strong leadership to the PNB group in pursuing its founding mandate to enhance corporate wealth for the benefit of Malaysians,” PNB said in a statement today.
Zeti is presently one of the members of the Council of Eminent Persons, entrusted to advise the government on matters pertaining to economic and financial matters.
Wahid was appointed as PNB chairman on August 1, 2016, replacing Tun Ahmad Sarji Abdul Hamid.
He was chief executive officer (CEO) of Malaya Banking Bhd before being appointed by former Prime Minister Datuk Seri Najib Razak to lead the Economic Planning Unit.
Maybank was the third largest organisation he led as CEO.
He was also group CEO of Telekom Malaysia Bhd from July 2004 until its separation with Axiata Group Bhd in April 2008.
It was previously speculated that the government's new administration was unhappy with Wahid’s statement defending the Goods and Services Tax (GST) during the 14th General Election campaign.
Meanwhile, PNB said Minister of Finance Incorporated (MOF Inc) had informed that Prime Minister Tun Dr Mahathir Mohamad had assumed YPB chairmanship from June 28.
Pursuant to the appointment, the composition of YBP’s board of trustees had been restructured to comprise Economic Minister Datuk Seri Mohamed Azmin Ali, Zeti and former auditor-general Tan Sri Datuk Setia Ambrin Buang.