Ahmad Fuaad to join Malakoff as CEO

PETALING JAYA: Proton Holdings Bhd chief executive officer Datuk Ahmad Fuaad Kenali, who is stepping down from his post on Sept 30, is moving on to take the helm at Malakoff Bhd effective Oct 1.

His departure comes as Zhejiang Geely Holding Group Co Ltd will soon nominate a suitable candidate as the CEO of Proton’s unit Perusahaan Otomobil Nasional Sdn Bhd (PONSB).

PONSB is Proton’s main production, operations, manufacturing and marketing outfit.

Both Malakoff and DRB-Hicom Bhd, the parent company of Proton, are controlled by tycoon Tan Sri Syed Mokhtar Al-Bukhary.

In Malakoff, Ahmad Fuaad will take over from acting CEO Habib Husin, who has been appointed since July 1.

Syed Mokhtar is a majority shareholder in Malakoff with a 37.58% indirect stake and through MMC Corp Bhd, while he also owns a major stake in Proton through its 50.1% shareholder DRB-Hicom.

Ahmad Fuaad had been Proton CEO since April 1, 2016 and prior to this appointment as CEO, he was the chief operating officer of finance and corporate in Proton and the chief financial officer of DRB-Hicom from August 2013 to March 2016.

He was also a board member of key subsidiaries of DRB-Hicom such as Pos Malaysia Bhd, Bank Muamalat Malaysia Bhd, Edaran Otomobil Nasional Bhd, Horsedale Development Bhd, Glenmarie Properties Sdn Bhd and Alam Flora Sdn Bhd.

The CEO seat at Malakoff had been empty following the resignation of Datuk Wira Azhar Abdul Hamid, who was appointed as Felda Global Ventures Holdings Bhd chairman recently.