Zeti Appointed New PNB Group Chairman, Replacing Abdul Wahid Omar

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Meanwhile, Dr Mahathir had assumed the position of YPB chairman effective June 28, with the composition of YPB’s Board of Trustees restructured to comprise Azmin Ali (appointed also as Alternate Chairman of YPB), former Auditor General Ambrin Buang and Zeti.

Tan Sri Zeti Akhtar Aziz has been appointed the new Group Chairman of Permodalan Nasional Bhd (PNB) effective July 1.

Shafwan Zaidon

The former Bank Negara Malaysia governor is at present a member of the Council of Eminent Persons.

She replaces Tan Sri Abdul Wahid Omar who is retiring as PNB Group chairman and trustee of Yayasan Pelaburan Bumiputra (YPB) with effect from June 30.

PNB in a statement today said the boards of YPB and PNB welcome the appointment of Zeti and expressed confidence that given her longstanding and vast experience, she would continue to provide strong leadership to the PNB group, in pursuing its founding mandate to enhance corporate wealth for the benefit of Malaysians.

It also said the board thanked Abdul Wahid for his invaluable contribution and dedicated service as group chairman since his appointment in August 2016.

Apart from Abdul Wahid, PNB said Datuk Awang Adek Hussin would also be retiring as director of PNB and chairman of PNB Research Institute Sdn Bhd effective June 30.

PNB was set up by the government in 1978 to help boost the wealth of the country’s ethnic Malays and remains heavily invested in Malaysia with assets totalling RM279.23 billion as of end 2017.

Soon after taking the post in 2016, Wahid unveiled plans to boost the fund’s assets to RM350 billion by 2022.

PNB holds stakes in some of the nation’s biggest companies, including Maybank, Sime Darby Bhd and UMW Holdings Bhd.

Its domestic equity investments of RM180 billion is equal to about 10% of the local stock exchange’s market capitalisation, Wahid said in an interview last year.

Meanwhile, the Minister of Finance Incorporated (MoF Inc) has announced that Prime Minister Tun Dr Mahathir Mohamad had assumed the position of YPB chairman effective June 28.

It added that pursuant to the appointment, the composition of YPB’s Board of Trustees has been restructured to comprise the Minister of Economic Affairs Datuk Seri Mohamed Azmin Ali (appointed also as the Alternate Chairman of YPB), former Auditor General of Malaysia Tan Sri Ambrin Buang and Zeti.