KUALA LUMPUR, October 28 – Dato’ Sri Ahmad Fuaad Kenali, the President and Group CEO of UMW Holdings Berhad, is set to conclude his 3-year tenure on October 31, 2023. Consequently, he will also step down from his role as the Executive Director of UMW Holdings Berhad on the same date. Dato’ Sri Fuaad assumed his position at UMW Group on November 1, 2020, amidst the challenging business environment triggered by the COVID-19 pandemic. During his tenure, he introduced the CREST@UMW strategic transformation framework in January 2021.
This framework aimed to harness the opportunities in the mobility sector and its related fields through UMW Group’s various businesses. The implementation of the CREST@UMW strategic framework significantly bolstered UMW’s financial performance and enhanced the company’s environmental, social, and governance (ESG) credentials, with sustainability positioned as one of the framework’s five key pillars. In a significant development on August 24, 2023, Sime Darby Berhad (SDB) announced its conditional share purchase agreement with Permodalan Nasional Berhad (PNB) to acquire PNB’s 61.2% stake in UMW Holdings Berhad. The acquisition is expected to be completed by mid-November 2023.
To ensure the stability and continuity of UMW Group’s operations during this transition period, Megat Shahrul Azmir Nordin, President of UMW Equipment Division, has been appointed as the Officer-In-Charge (OIC) of UMW Group. He has been part of the UMW Group since 2012. In preparation for this transition, an interim Board Oversight Committee (BOC) has been established, effective November 1, 2023. The BOC consists of three Non-Executive Directors currently on the Board of UMW Holdings Berhad: Razalee Amin, who will serve as the BOC’s Chairman, Mohd Shahazwan Mohd Harris, and Datuk (Dr.) Yasmin Mahmood.
The BOC’s role will continue until the Board of Directors decides to disband the committee. The Board of Directors of UMW Holdings Berhad expresses its deepest gratitude to Dato’ Sri Fuaad for his exceptional leadership and contributions. Under his guidance, the UMW Group implemented various initiatives to enhance its resilience during the COVID-19 pandemic, resulting in a swift recovery and the highest revenue and profit before taxation in the last eight years in 2022.
