Datuk Seri Abdul Razak Jaafar has been appointed independent and non-executive chairman by Pharmaniaga Bhd effective Tuesday, succeeding Izaddeen Daud. (Photo by Patrick Goh/The Edge)

KUALA LUMPUR (Oct 1): Pharmaniaga Bhd (KL:PHARMA) has appointed Datuk Seri Abdul Razak Jaafar as its independent and non-executive chairman, effective Tuesday.

Abdul Razak, 60, succeeds Izaddeen Daud, 55, who has been redesignated as the group's non-independent and non-executive director.

Abdul Razak has extensive experience in both public administration and corporate governance, said the pharmaceutical group in a statement.

He began his career in 1988 as a public relations officer at the Seremban City Council and went on to hold various key positions in the Selangor government, including as president of Kuala Langat Municipal Council.

“He later served as division secretary at the Ministry of Defence, deputy secretary general at the Ministry of Works, state secretary of Penang, and secretary general of the Ministry of Higher Education before he retired from the civil service in 2023,” Pharmaniaga said.

Pharmaniaga managing director Zulkifli Jafar said it is part of the group’s strategic business plan to include a key player in the biopharmaceutical industry.

“Thus, Abdul Razak’s extensive experience, knowledge and leadership will be instrumental in guiding us to achieve those objectives and propel Pharmaniaga to the next level," Zulkifli said.

Pharmaniaga also announced the appointment of its non-independent non-executive director, Ahmad Shahredzuan Mohd Shariff, as the group's chief operating officer (COO).

Amad Shahredzuan, 41, has been a board member of the group since February 2023 and served as chairman of the executive committee until March 2024.

“His deep understanding of Pharmaniaga’s operations and extensive industry experience make him the ideal candidate for the COO position,” said Zulkifli.

Ahmad Shahredzuan began his career in 2006 at Permodalan Nasional Bhd as a senior manager at the office of the president and group chief executive.

Pharmaniaga is awaiting approval from Bursa Malaysia for its regularisation plan within this month to lift the group from its Practise Note 17 (PN17) status, Zulkifli previously said.

The group slipped into PN17 status in February 2023 amid massive impairment after being unable to sell RM552.3 million worth of Covid-19 vaccines.

Shares of Pharmaniaga closed up one sen or 2.56% at 40 sen on Tuesday, valuing the group at RM576.5 million.