Speculation rife about Boustead’s MD Shazalli Ramly heading to LTAT

Datuk Seri Mohammed Shazalli Ramly

Datuk Seri Mohammed Shazalli Ramly

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KUALA LUMPUR (April 28): As Lembaga Tabung Angkatan Tentera (LTAT) chief executive Datuk Seri Amrin Awaluddin looks set to join Lembaga Tabung Haji (TH) as its new group managing director (MD) and chief executive officer (CEO) come May 6, this leaves the top seat at the armed forces pension fund vacant. Speculation is rife that Datuk Seri Mohammed Shazalli Ramly, who is now group MD of Boustead Holdings Bhd, will take the helm at LTAT while his deputy Izaddeen Daud will take over Shazalli's role.

In a statement today, TH announced that Minister in the Prime Minister's Department (Religious Affairs) Datuk Dr Zulkifli Mohamad Al-Bakri has granted his consent for the appointment of Amrin as the new group MD and CEO of TH, replacing Datuk Nik Mohd Hasyudeen Yusoff, who will step down as its board member, group MD and CEO effective May 5.

Nik Mohd Hasyudeen has been at the helm of TH since Sept 1, 2019. He succeeded Datuk Seri Zukri Samat, who had stepped down for health reasons and only held the position for a little over a year since July 2018. Zukri took over the position from Datuk Seri Johan Abdullah.

Amrin will be the fourth CEO at TH in five years since Tan Sri Ismee Ismail's resignation in 2016 after serving for about a decade.

Amrin's appointment also comes barely four months after his move to LTAT — one of the country’s largest pension funds — on Jan 4, making him the third chief executive over the span of three years. Amrin had replaced Nik Amlizan Mohamed, who left to join Kumpulan Wang Persaraan (Diperbadankan) last September after two years at LTAT. Prior to Nik Amlizan, Tan Sri Lodin Wok Kamaruddin had been at the helm of the armed forces pension fund for 36 years — the longest serving chief executive.

According to sources, Shazalli is tipped to take over as chief executive of LTAT. Last December, Shazalli joined Boustead as its new group MD at a time when the loss-making diversified conglomerate is undergoing a restructuring to improve its debt and gearing position as part of its newly crafted Reinventing Boustead strategy.

Shazalli is the third MD to helm the group in three years after Lodin and Amrin. Prior to Boustead, most of Shazalli’s career has been in telecommunications, more recently as the MD and CEO of Telekom Malaysia Bhd.

At 3.45pm, Boustead shares were down two sen or 3.25% at 60 sen, bringing a market capitalisation of RM1.21 billion.

Read also: 
Boustead refutes speculation MD Shazalli Ramly heading to LTAT
Amrin Awaluddin appointed as Tabung Haji's new group MD, CEO

Kang Siew Li