KUALA LUMPUR – 1Malaysia Development Bhd (1MDB), a strategic development company wholly-owned by the Government of Malaysia, has announced the appointment of Arul Kanda Kandasamy as President and Group Executive Director with immediate effect.
In a statement, 1MDB said Arul succeeds Mohd Hazem Abd Rahman, who will step down as Managing Director and Chief Executive Officer as well as member of the Board of Directors, as part of a transition plan.
The Board of Directors also announced that 1MDB will be undertaking a strategic review to explore and determine a course of action that will allow the company to maximise returns for all of its stakeholders.
1MDB said it will update the market on the outcome of its strategic review in due course.
Chairman Tan Sri Lodin Wok Kamaruddin said: “Arul brings a wealth of experience from the financial world and a proven track record of transforming businesses.
“His transaction expertise and operational excellence will be invaluable to 1MDB as it undertakes a strategic review of the business, the objective of which is to ensure that 1MDB is best positioned to fully realise value from its investment portfolio and fulfil its broader economic objectives.”
Arul is a senior management leader and investment banker, with extensive experience in structured finance, corporate finance and restructuring across multiple markets including London, the Middle East and Malaysia.
He joins from Abu Dhabi Commercial Bank, where he was Executive Vice President and Head of Investment Banking, having previously worked in leadership positions at Barclays Capital and Credit Agricole.
Arul, who is Malaysian, is a Board Member of Global Investment House (Kuwait) and Board Member/Investment Committee Member of the ADCB Macquarie Infrastructure Fund.
He also served on the Board of RHB Investment Bank Bhd previously.
Lodin said it is time for the company to silence its critics and deliver against its stated objectives, adding 1MDB intends to examine a full range of strategic and financial alternatives to achieve the greatest value, the outcome of which will be announced in due course.
“1MDB will continue to execute its on-going initiatives, increase operational efficiencies and improve our financial performance whilst this process takes place,” he said.
As the company’s new President, Arul said his first priority will be to undertake a comprehensive strategic review of its operations, whilst ensuring that it drive value from the high quality energy and property assets in the company’s portfolio.
Arul is also a UK qualified barrister, with an LLB from the London School of Economics and an LLM from University College London. – Bernama