Bakke hopes to retire in two years

PETALING JAYA: Tan Sri Mohd Bakke Salleh ( pic), the group president and chief executive officer (CEO) of Sime Darby Bhd, has indicated he will retire in about two years after the conglomerate’s corporate restructuring exercise is completed.

The group is involved in plantations, auto and property development.

Bakke said while the board had decided for him to stay on for a couple of years, he hoped to step down after the plantation division’s listing goes through a smooth transition.

In July, the conglomerate had announced the leadership line-up for its three pure plays, which will see the listing of its plantation and property divisions go separate ways in order to unlock their value for the group and its investors.

“God willing, this (retirement) will happen in two years’ time after the listing of Sime Darby’s property and plantation arms, which are targeted to take place by end November,” Bakke told reporters on the sidelines of Sime Darby’s briefing on its financial results for the fourth quarter ended June 30, 2017.

Bakke will take on the position of executive deputy chairman and managing director of Sime Darby Plantation Bhd, while the chairman’s post will be held by Permodalan Nasional Bhd group chairman Tan Sri Abdul Ghani Othman.

The 63-year-old Bakke said the group will announce the chosen candidate at the right time, but for now will focus on the transition to be a pure play plantation player to drive better yield.

Asked whether he considered this a demotion, Bakke brushed off the question, stating that he did not look at it in that manner and that it was high time he retired from his post.

“I am not a central figure in this corporate restructuring exercise and there is no way I can manage three entities at the same time.

“Looking at my own career plan, I am already in my 60s and I have decided to stay on because I want to see through the completion of this exercise, and where we can take the plantation business through the transitional period,” he explained.

In the meantime, Bakke conceded that the group was now looking at internal and external candidates, preferably in their mid or late 40s, or early 50s to be CEO or managing director (MD).

The plantation’s new executive leadership is expected to reflect the stature of the company, its scale and breadth, and its aspirations to further enhance its upstream productivity and operational excellence, as well as aggressively grow its downstream sector.

Bakke was previously acting president and group chief executive of Sime Darby before he was appointed the president and group chief executive of Sime Darby on November 27, 2010. Prior to that, he was group president and CEO of Felda Global Ventures Holdings Sdn Bhd. He had also served as Felda Holdings Bhd group MD and Lembaga Tabung Haji CEO.