KUALA LUMPUR: The Securities Commission (SC) Malaysia's outgoing executive chairman Datuk Syed Zaid Albar, in thanking the board, leadership team, officers and staff, pointed out that their integrity, professionalism, and dedication were tested and proven many times as they ceaselessly worked to ensure the stability and continuity of the capital market.

"It is an honour and privilege for me to serve the country, and lead an institution that stands resolutely strong like the SC. I welcome the appointment of Datuk Dr Awang Adek, and wish him well in his new role as the next SC chairman," he said in SC's statement on his resignation announcement.

The SC said Syed Zaid's resignation will take effect on May 31, 2022.

Earlier, the Ministry of Finance (MOF) has confimed his resignation.

He will be succeeded by Datuk Dr Awang Adek Hussin, who will assume the position on June 1, 2022.

Appointed to the role in 2018, Syed Zaid has helmed the SC for nearly four years. He was instrumental in leading the institution and the capital market through a challenging period dominated by the effects of the COVID-19 pandemic on businesses and investors.

During his leadership, the SC recalibrated its priorities to enable the regulator and capital market participants to address and respond to the impact of the pandemic while ensuring market stability and continuity. He also focused on advancing the SC's development initiatives particularly in promoting the sustainability agenda, growing the Islamic capital market and harnessing innovation.

Key to this is the release in September last year of the Capital Market Masterplan 3, which will set the tone and direction for the SC's development and regulatory initiatives for the next five years.

SC said on behalf of the Commission, its Board of Commissioners takes this opportunity to thank Syed Zaid for his unwavering commitment and invaluable contribution to the SC throughout his tenure.

-- BERNAMA