Hamad to retire as President, Group CEO - PNB

Permodalan Nasional Bhd (PNB) today announced that its President/Group Chief Executive Officer (CEO), Tan Sri Hamad Kama Piah Che Othman, will retire effective Sept 30, 2016, after 37 years with the PNB Group.

The PNB board of directors is pleased to announce that Datuk Abdul Rahman Ahmad, 47, formerly the CEO of Ekuiti Nasional Bhd (Ekuinas), will assume the role of President/Group CEO with effect from Oct 1, 2016.

"Hamad has been with the group for 37 years, 18.5 years of which as CEO. He has been instrumental in delivering sustained and competitive returns to PNB's unitholders.

"On behalf of the board and management, I would like to thank Hamad for his outstanding service, drive and commitment in leading PNB to what it is today as a leading and respected investment institution in the country," PNB Group Chairman, Tan Sri Abdul Wahid Omar, said in a statement.

During Hamad's tenure, PNB's total assets under management grew six-fold from RM38.7 billion in December 1997 to more than RM260 billion currently.

At the same time, total units in circulation grew six-fold from 30.7 billion units in December 1997 to over 208 billion units, with total holder accounts base doubled from 6.9 million accounts in 1998 to over 12.8 million accounts.

Wahid added that Hamad made it his mission to ensure PNB was able to meet the high expectations of its unitholders year-on-year despite the challenging market environment.

PNB has delivered consistent and competitive returns for all its funds, including Amanah Saham Bumiputera (ASB), Amanah Saham Nasional and Amanah Saham Wawasan 2020, with its flagship fund ASB delivering an average return of 8.63 per cent per annum over the last 10 years.

Hamad will continue to serve as Chairman of PNB Development Snd Bhd, a wholly-owned property development arm of PNB.

Abdul Rahman has more than 25 years of experience in audit, corporate and private equity.

"The board is pleased and confident that an orderly succession will be achieved.

"I look forward to working with him to build on the existing strengths of our institution and take PNB successfully into its next phase of corporate development," Wahid said.

Prior to establishing Ekuinas, Abdul Rahman was the Group Managing Director/Chief Executive Officer of Media Prima Bhd, and held the post of Group Managing Director/Chief Executive Officer of Malaysian Resources Corp Bhd.

He holds a Master of Arts in Economics from Cambridge University, UK.

In a separate statement, Hamad said, he was truly humbled to have been able to serve all Malaysians over 37 years in PNB, as part of the team involved in the implementation of a catalytic government policy for the sharing and distribution of corporate wealth among the masses through unit trust schemes.

"I am grateful to have been given the opportunity to contribute in one way or another for the betterment of the lives of PNB's unitholders via the accumulation of investments and enhancement of incomes," Hamad said.

Hamad said he looked forward to a day when every Malaysian will be able to transfrom their lives by equipping themselves with financial and investment literacy. -- BERNAMA