Telekom CEO: Shazalli Out, Bazlan In

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Shazalli resigns and Bazlan Osman named acting group CEO.

Datuk Seri Mohammed Shazalli Ramly has resigned as Group Chief Executive Officer and Managing Director of state-linked Telekom Malaysia Bhd (TM).

In a filing with Bursa Malaysia today, TM said Deputy Group CEO, Datuk Bazlan Osman, would become Acting Group CEO.

Meanwhile, Datuk Seri Fateh Iskandar Mohamed Mansor has resigned as Independent and Non-Executive Director, effective June 8, to pursue other interests.

Shazalli, who was previously Axiata Group Bhd’s regional CEO for its South-east Asia operations, joined TM last year.

Shares of TM have fallen about 43 per cent over the past 12 months, giving it a market value of US$3.5 billion (RM13.9 billion).

TM reported last month that its first-quarter net income fell 32 per cent to RM157.2 million.

Malaysian sovereign wealth fund Khazanah Nasional Bhd owns about 26 per cent of the company, according to Bloomberg.