Federal Land Development Authority (Felda) chairman Tan Sri Shahrir Samad has reportedly stepped down from his post on Monday.
A farewell gathering was held for the former Umno Johor Baru MP at the Menara Felda headquarters in Kuala Lumpur.
The farewell luncheon was said to have been attended by around 50 Felda staff and led by Director-General Datuk Abdul Ghani Mohd Ali.
Staff were seen sending him off following the event.
Shahrir, 68, was appointed as chairman in January 2017, taking over from Tan Sri Isa Samad.
FGV share price rose following the news, trading at RM1.90 per unit in the afternoon compared to RM1.59 when the market opened this morning.
The price ended 19 sen or 11.8% higher at RM1.80 today, valuing the crude palm oil producer at RM6.71 billion.
Felda comes under the purview of the Prime Minister’s Department and it is the prerogative of Dr Mahahtir to install the new chairman.
During the recently-concluded 14th general election, Shahrir lost the battle to keep the Johor Bahru parliamentary seat with Barisan Nasional. He lost to Pakatan Harapan candidate, Akmal Nasrullah Mohd Nasir, who won the seat with a majority of 19,782 votes, which is equivalent to a 25% margin.