PNB chief Abdul Rahman to retire at month's end, to be replaced by Rizal Rickman Ramli — sources
KUALA LUMPUR (May 7): Datuk Abdul Rahman Ahmad, president and group chief executive of fund manager Permodalan Nasional Bhd (PNB), will retire at the end of this month and will be on leave until his contract concludes at the end of June, sources said.
His function at Malaysia's largest fund management firm, with over RM300 billion asset under management, will be taken over by deputy president and group chief executive Datuk Rizal Rickman Ramli starting July 1.
“A town hall is slated to take place today (May 7) after lunch and the staff will be briefed on Abdul Rahman’s departure and Rick’s (Rizal) promotion,” one source familiar with the ongoings at PNB said.
Abdul Rahman was appointed president and group chief executive of PNB on July 1, 2024, as he left banking outfit CIMB Group Holdings Bhd (KL:CIMB) and took over from Datuk Ahmad Zulqarnain Onn who was tasked to helm the Employees Provident Fund.
Abdul Rahman’s departure ends his second stint as the head of PNB, having served as the president and group chief executive from 2016 until 2019.
PNB, which was established in early January 1978 via its various funds, has strategic stakes in a number of large companies such as Malaysia’s largest banking group Malaysian Banking Bhd (KL:MAYBANK), auto and heavy machinery outfit Sime Darby Bhd (KL:SIME), plantation giant SD Guthrie Bhd (KL:SDG), oil and gas stalwart Velesto Energy Bhd (KL:VELESTO) and pharmaceutical outfit Duopharma Biotech Bhd (KL:DPHARMA), to name a few.
Meanwhile, Rizal has been with PNB since March 2018, prior to which he was country managing partner for Boston Consulting Group in Malaysia, specialising in strategy development (business model innovation and growth) and also corporate and industry-level transformations.
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