Khaled Nordin to step down as Boustead Holdings chairman on Aug 5

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Boustead Holdings Bhd says Datuk Seri Mohamed Khaled Nordin will be relinquishing his post as group chairman on Thursday.

Boustead said Khaled had served the group since May 1 last year and had been supportive of the Reinventing Boustead initiative that resulted in significant group financial performance improvement.

He had led Boustead to a financial recovery with a net profit of RM87.4 million, after six consecutive quarters of losses, driven the group to successfully meet the Covid-19 vaccine supply contract obligation to the government four-and-a-half months ahead of schedule.

“(He also) pushed the group to win the petroleum supply contract to the Ministry of Defence,” Boustead said in a statement.

Boustead group managing director Datuk Seri Mohammed Shazalli Ramly expressed the group’s utmost appreciation and gratitude to Khaled.

“During his tenure with Boustead, we have seen significant positive progress that serves and protects the interest of our shareholders. We assure our shareholders that the change of leadership is normal, and all business strategies and programmes will continue as planned. We wish him the very best in his new endeavour.”

Boustead said it would soon start the process of identifying a candidate for the chairman position to ensure the continued momentum of the group’s reinvention strategy of expanding conventional brick-and-mortar businesses towards developing and utilising data analytics, business intelligence platforms and continuous learning to set the path of business plans moving forward.

Khalid’s resignation is believed to be in connection with the announcement made by party president Ahmad Zahid Hamidi that 11 Umno MPs were set to withdraw their support for the PN government led by Prime Minister Muhyiddin Yassin.

Khaled is the second Umno leader to relinquish his appointed post this week, after Datuk Seri Shamsul Anuar Nasarah resigned as the energy and natural resources minister.