The board of directors of Permodalan Nasional Bhd (PNB) has accepted the resignation of Abdul Jalil Abdul Rasheed from the position of president and group chief executive, effective today.
In a statement today, PNB said the board of directors and leadership team conveyed their appreciation to Abdul Jalil for his leadership and contributions during his tenure with PNB.
“PNB wishes Abdul Jalil every success in his future endeavours. The board has also approved the appointment of the successor and the announcement will be made upon receipt of the requisite regulatory approvals,” it said.
Jalil sent a poignant email to all staff stating the reasons for his leaving.
He talked about the constant harassment by invisible foes seeking to intimidate and pressure him into resignation.
Well-placed sources reportedly said “powerful forces” had wanted Jalil out because of several decisions that impacted their business interests.
Abdul Jalil’s open admission about the harassment appears to corroborate the rumour.
“The last straw for me was the harassment I had to endure from hate calls from unknown numbers, hacking of my other corporate email account and my LinkedIn profile,” said Jalil in the email.
“This made me increasingly worried for the well-being of my family. In the end, I decided that it would be unfair to my family should matters escalate.”
Abdul Jalil was appointed PNB’s president and group CEO just over eight months ago. An up-and-coming corporate talent known for his work ethics, he was handpicked to lead the fund and carry out certain reforms.
Reportedly, he took a substantial pay cut when he took up the offer to lead PNB which he saw “as a national service.”
But what has happened since has left him disappointed.
“We made a big financial and family sacrifice to relocate back to KL from Singapore because I truly wanted to contribute to nation building,” he wrote.
“I’m disappointed this has to come to an abrupt end.”
He said he will be taking some time off with his family “to gather my thoughts and decide on my next step.”
PNB said its board of directors had already found his successor and will formally announce the new appointment pending the necessary regulatory approvals.
Speculation about the Perikatan Nasional (PN) government’s plan to dismiss him intensified after it was reported over the weekend that Jalil may be asked to explain so-called discrepancies about his qualifications.
Sources said many in the PN government saw the 38-year-old as “not business-friendly”, and that he had fostered contempt through policy decisions that often placed him at odds with business elites.
Among these was PNB’s decision to pull out from a venture previously approved by the Barisan Nasional (BN) government.
Jalil saw a conflict of interests in the project with two companies; a joint development of a prime land located close to Istana Negara.
Sources familiar with the matter said questions were raised about the decision to invest in real estate when the market was already overcrowded.
The project in question was said to have cost the fund a quarter billion ringgit. He later directed PNB to pull out.
That decision, along with a slew of calls that saw PNB turning the money tap off for projects under review, fuelled a campaign for his sacking that started long before the change of government in March.
“The businessmen didn’t like it because their very survival depended on some of these ventures,” a source said.
Jalil, 39, began his career as a graduate trainee at Aberdeen Standard Investments, eventually becoming the CEO of Aberdeen Islamic Asset Management, before joining Invesco in 2013 as its CEO (South Asia).
Jalil’s departure will possibly mean the entry of Ahmad Zulqarnain Onn, who is currently deputy managing director of Khazanah Nasional Bhd.
Reports earlier bandied about Ahmad Zulqarnain’s name to succeed as president and group chief executive of the country’s largest asset management company.
Ahmad Zulqarnain joined Khazanah in May 2014 as an executive director, investments and subsequently appointed as head, strategic management unit of Khazanah.
Prior to Khazanah, he was appointed as the first managing director and chief executive officer of Danajamin Nasional Bhd in 2009.
He has over 22 years’ experience in both banking and corporates, including tenures with UBS Warburg, Pengurusan Danaharta Bhd, CIMB Group and Symphony Group.
PNB manages savings of over 14 million Malaysians and is a major shareholder in Sime Darby, MayBank, SP Setia, UMW, Malaysian Reinsurance and Malaysian Industrial Development Finance Bhd (MIDF).
Former Bank Negara chairman Zeti Akhtar Aziz is currently PNB chairman.