Khazanah names EPF chief as new MD

(MMO) – Sovereign wealth fund Khazanah Nasional has appointed Employees Provident Fund (EPF) chief executive Datuk Shahril Ridza Ridzuan as its new managing director.

He will assume the position effective August 20, Khazanah said in a statement today.

“Khazanah would also like to welcome the new chairman and members of the Board, whose appointments were announced by the Prime Minister’s Office on 30 July 2018.

“In addition, Khazanah wishes to record its thanks and appreciation to the previous Members of the Board and former Managing Director Tan Sri Datuk Wira Azman Hj Mokhtar for their service and contribution to Khazanah and the nation,” the fund said.

Shahril joined the EPF from Malaysian Resources Corporation Berhad, having overseen the development of KL Sentral as its managing director.

Prior to MRCB, he was with Pengurusan Danaharta Nasional and helped in the corporate recovery and credit restructuring following the Asian Financial Crisis of 1997.

He was among four candidates tipped to replace Azman, including Menteri Besar Incorporated’s Raja Shahreen Raja Othman, Deutsche Bank (M) CEO Datuk Yusof Annuar Yaacob, MIDF Group managing director Datuk Charon Mokhzani, and Bank Pembangunan Malaysia chief Datuk Mohd Zafer Mohd Hashim.

Azman and the entire board of Khazanah tendered their resignations last month after it became apparent that the new government wanted them to leave.

The Prime Minister’s Office subsequently announced that Tun Dr Mahathir Mohamad will assume the chairmanship of the board.

The PMO also named Economic Affairs Minister Datuk Seri Mohamed Azmin Ali, Council of Eminent Persons member Tan Sri Mohd Hassan Marican, Dr Sukhdave Singh and Goh Ching Yin as board members.

Prime Minister Dr Mahathir gave early indications of his dissatisfaction with Khazanah last month when he described the sovereign wealth fund as having deviated from its original purpose of supporting Bumiputra equity.