KUALA LUMPUR (March 21): Berjaya Corp Bhd (BCorp) said its chief executive officer (CEO) Abdul Jalil Abdul Rasheed has resigned to pursue his personal interests, and that the resignation will take effect next Thursday (March 31).

The Monday announcement confirmed The Edge's report last Friday, which cited multiple sources, that Abdul Jalil — who just marked his first year at BCorp on March 16 — would be stepping down from his post. Prior to his time with BCorp, he was president and group CEO of state-owned fund management company Permodalan Nasional Bhd.

With his departure from BCorp's board now, Abdul Jalil will also be vacating all other positions on the various boards of BCorp-affiliated companies, BCorp said in a statement.

Meanwhile, Abdul Jalil tweeted that he had informed BCorp's board of his intention to step down as he wanted to take some time off to pursue a personal venture he was working on.

"I've been wanting to do this venture [which will have a social impact angle], for a while but never got around to doing it due to a time commitment. I have also missed the investment world tremendously. Got to do it whilst I'm energetic.

"It's a big risk, [scary too,] and huge decision to step down, but I have to give this a try now. It may work or it may not. If it does not, then at least I gave it a go. Life perspectives have also changed with wanting to spend more time with growing children," he wrote.

In the series of tweets, he also thanked BCorp major shareholder and founder Tan Sri Vincent Tan for the opportunity given to him to helm BCorp.

"It was always a left field decision when he brought me in for this role. But one must always give great opportunities a go. An amazing experience that did test the boundaries and gave me a front row seat to Malaysia Inc.

"Most importantly I got to be involved with sectors I enjoy; like retail, hospitality & football. I will one day write about this and share my experience & learnings. Many achievements & some things that on hindsight could have been done better," he added.

Following the resignation of Abdul Jalil, BCorp appointed conglomerate veterans Vivienne Cheng Chi Fan and Syed Ali Shahul Hameed as joint group CEOs, effective April 1. Syed Ali has also been made BCorp executive director.

Syed Ali Shahul Hameed (Photo by Berjaya Land

Vivienne Cheng Chi Fan (Photo by Tropicana)

According to BCorp, Cheng has been an executive director of BCorp since 2005 and has extensive experience in finance, particularly in project finance, capital raising, debt restructuring, initial public offering, risk management and group treasury cash management.

Syed Ali, meanwhile, was most recently CEO of BCorp's listed subsidiary, Berjaya Land Bhd (BLand), a position he will now relinquish. He has also been redesignated as deputy chairman at BLand.

"In his 25 years with the group, he has been responsible for the development of several major local and international projects including the Inter-Continental and Sheraton Hotels in Hanoi as well as the Four Seasons and Ritz-Carlton projects in Kyoto and Kuala Lumpur respectively," the group said.

Abdul Rahim Mohd Zin to be BLand CEO

At the same time, BLand announced the appointment of Datuk Abdul Rahim Mohd Zin as CEO, effective April 1.

Abdul Rahim, a chartered accountant and a member of the Malaysian Institute of Accountants, has 35 years of experience in various fields particularly in banking, finance, oil and gas, shipping and food and beverage. He is presently the CEO of Landasan Lumayan Berjaya Sdn Bhd and an executive director of BCorp's subsidiary, Berjaya Group Bhd.

In addition, BLand appointed Tan Tee Ming as executive director, as Nerine Tan Sheik Ping steps down. "Tan Tee Ming was most recently senior general manager of the property sales and marketing division of BLand. With over 20 years of experience, he has held various positions in several major private banks in Malaysia and Singapore including Citi Private Bank and CIMB Bank," said BCorp.

BCorp shares ended one sen or 4.17% lower at 23 sen on Monday, giving the group a market capitalisation of RM1.25 billion. It saw some 44.23 million shares traded.

Read also:
Abdul Jalil to step down as Berjaya Corp CEO to pursue personal interests

Source: TheEdge - 22 Mar 2022