Business

Saturday February 2, 2013

Pos Malaysia CEO quits to return to DRB-Hicom

By NG BEI SHAN
beishan@thestar.com.my


PETALING JAYA: Datuk Khalid Abdol Rahman has resigned as chief executive officer of Pos Malaysia Bhd to return to DRB-Hicom Bhd to head the Corporate Planning and Business Development Division.

However, the company has not announced a replacement for Khalid yet.

In a filing with Bursa Malaysia, the national postal company said Khalid, 57, would cease to be head honcho to return to the conglomerate, which owns some 32% of Pos Malaysia. In 2011, DRB-Hicom had acquired the stake from Khazanah Nasional Bhd at RM3.60 per share or RM622.79mil.

The transaction was deemed as a landmark divestment, as it was Khazanah's first disposal of its entire stake in a major government-linked company.

The decision was made after an extensive two-stage process as well as a rigorous selection to ensure that the new shareholder would be able to bring Pos Malaysia to the next level of growth.

Khazanah managing director Tan Sri Azman Mokhtar said DRB-Hicom was chosen based on its overall bid, which offered not only a defined strategy but also an executable business plan and an acceptable offer price.

Prior to joining Pos Malaysia on Jan 1, 2012, Khalid had been in various roles in DRB-Hicom from August 2006 to November 2011. The positions he had held included group director of corporate planning, group director of corporate and services and head of corporate planning. He obtained a Masters of Business Administration (Marketing) from the University of New Haven.

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