Congratulation To MR Arul Kanda- 1MDB ANNOUNCES APPOINTMENT OF ARUL KANDA AS PRESIDENT AND GROUP EXECUTIVE DIRECTOR ALONGSIDE STRATEGIC REVIEW OF BUSINESS On behalf of the Board of Directors, Chairman Tan Sri Dato’ Seri Lodin Wok Kamaruddin is pleased to announce the appointment of Arul Kanda as President and Group Executive Director of 1MDB with immediate effect. Arul succeeds Mohd Hazem Abd Rahman, who will step down as Managing Director & Chief Executive Officer and member of the Board of Directors, as part of a transition plan. The Board of Directors also announces that 1MDB will be undertaking a strategic review to explore and determine a course of action that will allow the company to maximize returns for all of its stakeholders. Tan Sri Dato Seri Lodin Wok Kamaruddin stated: “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. It is time for the company to silence its critics and deliver against its stated objectives, and we intend 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. We would also like to thank Hazem for his hard work and contributions to 1MDB, and wish him the best of luck with his future endeavours.” Arul stated: “I am pleased to be joining 1MDB at this important juncture. As the company’s new President, my first priority will be to undertake a comprehensive strategic review of its operations, whilst ensuring that we drive value from the high quality energy and property assets in the company’s portfolio. I look forward to working with the rest of the 1MDB team as we begin this journey, and am confident that we will achieve the right outcome for the company and its stakeholders.” 1MDB will update the market on the outcome of its strategic review in due course. Note to Editor Arul Kanda Arul Kanda 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 Berhad previously. Arul is a UK qualified Barrister, with an LLB from the London School of Economics and an LLM from University College London.
Posted on: Mon, 05 Jan 2015 13:03:08 +0000
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