Jalil Rasheed is Berjaya's first non-family CEO

PETALING JAYA: Former Permodalan Nasional Bhd chief Jalil Rasheed, (pic) who left the country’s largest fund manager barely nine months after his appointment in October 2019, has been appointed as the new CEO of Berjaya Corp Bhd (BCorp) effective yesterday.

He will be the first non-family member to run the conglomerate, which is majority owned by tycoon Tan Sri Vincent Tan.

Jalil will be replacing Datuk Seri Robin Tan Yeong Ching, who has been redesignated as the conglomerate’s executive deputy chairman, also effective yesterday.

In a statement yesterday, BCorp said that the new appointments were made to transform the group into an institutionalised corporation, managed by professionals.

“Jalil’s mandate will be to re-look at BCorp’s corporate structure, optimise financial and human resources, improve synergies and efficiency, enhance corporate governance and transparency, streamline the various group businesses to create and enhance shareholder value and to transform BCorp into a high performing organisation, ” the group said.

It is noteworthy that Jalil has 18 years of investment and corporate leadership experience, having worked in the United Kingdom, United States, Malaysia and Singapore with the global investment firms, Aberdeen Standard Investments and Invesco Ltd.

Jalil said his appointment as BCorp’s CEO follows “several months of discussion” with Vincent.

“We both agree that the group is very undervalued, and has many good assets that can be optimised and realised to enhance value for shareholders.

“I’m excited by this opportunity and look forward to meeting everybody and working closely with Robin to realise this transformative process for the Berjaya group, ” he said.

Vincent, who is also BCorp’s executive chairman, said it was necessary to relook at the conglomerate’s businesses and to make sure BCorp is future-proofed to meet any arising challenges.

“I am looking forward to working closely with Robin and Jalil to achieve this objective and to put the group on a stronger footing for the future, ” he said.