Petronas chairman retires. Replacement named

Chairman of Malaysian oil major Petronas will be retiring from the company and its board after serving his three-year term.

Petronas said on Monday that its chairman Tan Sri Ahmad Nizam Salleh completed its three-year contractual tenure from 1 August 2018 to 31 July 2021. Upon his retirement, Tan Sri Ahmad Nizam will assume the role of chairman in Pelaburan Hartanah Bhd.

Nizam will pass the Petronas chairmanship baton to Tan Sri Mohd Bakke Salleh. His appointment as the company chairman takes effect from 1 August 2021. He currently serves as an independent director as well as the chairman of Petronas’ Risk Committee and a member of its Audit Committee.

Tan Sri Ahmad Nizam said: “It has truly been a privilege to have served Petronas for the past 40 years, bearing witness to, and being directly involved in its many milestones of growth and accomplishments that have taken the company to where it proudly stands today.

“In the last three years, Petronas has gone through unprecedented challenges, compounded by the demands of the transitioning industry landscape and the changing expectations of our stakeholders at home and abroad, requiring us to hasten our transformation to be where we will need to be for longevity and sustainability.

“As chairman, I have been extremely fortunate to have had the collective trust and support of a well-functioning board willing to challenge, debate and discuss the decisions we made to ensure Petronas would be on the right track to achieve its aspirations.

“I would like to express my wholehearted appreciation to the board members as well as the executive leadership team of Petronas for making my job easier. I would also like to congratulate Tan Sri Mohd Bakke Salleh on his appointment and wish him all the best in steering the company towards its next chapters of growth”.

Apart from his current capacities in Petronas board, Tan Sri Mohd Bakke is currently serving Telekom Malaysia as chairman since 11 May 2020. Before Telekom Malaysia, he was the chairman of the Federal Land Development Authority (FELDA) from 1 July 2019 until 30 April 2020. He also held various positions in the Sime Darby Group.

Petronas added that his vast experience serving various organisations in diverse capacities would ensure the company’s business longevity and steer it towards achieving its ambitions of becoming a progressive energy entity as it charts its growth forward.