KUALA LUMPUR: UMW Holdings Bhd has appointed its equipment division president Megat Shahrul Azmir Nordin as officer-in-charge (OIC).
Megat has been with the UMW Group since 2012.
In a statement, UMW said president and group chief executive officer Datuk Seri Ahmad Fuaad Kenali is scheduled to complete his three-year term on Oct 31, 2023.
In view of that, he will also cease to be the executive director of UMW on even date.
On Aug 24, 2023, Sime Darby Bhd announced that it had entered into a conditional share purchase agreement with Permodalan Nasional Bhd (PNB) to acquire PNB’s 61.2% stake in UMW. The proposed 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 has been named the OIC.
UMW said an interim Board Oversight Committee (BOC) has also been established to provide guidance to the OIC, effective Nov 1, 2023.
The BOC comprises three non-executive directors who currently sit on the board of UMW, namely, Razalee Amin who will serve as the BOC’s chairman, Mohd Shahazwan Mohd Harris and Datuk Yasmin Mahmood.
The BOC will continue until the Board of Directors decides to disband the committee.