KUALA LUMPUR: Proton Holdings Bhd chief executive officer Datuk Ahmad Fuaad Kenali will leave the national carmaker on September 30 as parent DRB-HICOM Bhd says it is expected to finalise the former’s business plan “very soon”.
Fuaad, however, will remain with DRB-HICOM group and he will assume a “big role” with a related company.
“DRB-HICOM and Zhejiang Geely Holding Group are working towards completion of this corporate transaction which is expected to materialise very soon. Currently, both DRB-HICOM and Geely Holding are intensifying efforts to finalise the detailed business plan for Proton Group,” the group said in a statement yesterday.
Besides the departure of Ahmad Fuaad and appointment of the new CEO, the plan will see the Proton group be broken down into three key entities namely Proton, Perusahaan Otomobil Nasional Sdn Bhd (PONSB) and Proton Edar Sdn Bhd.
For all three entities, DRB-HICOM will have one additional seat at the board of directors level matching the 50.1 per cent that the company holds in Proton.
“Each of the companies shall have board representations from both DRB-HICOM and Geely Holding,” it said.
Fuaad was appointed as CEO on April 1 last year after assuming the position of chief operating officer/senior group director of DRB-HICOM in 2013.
“He has done an impeccable job in his short tenure at Proton. Under his watch, Proton had rolled-out four new models in a span of eight short months,” DRB-HICOM group managing director Datuk Seri Syed Faisal Albar said in the statement.
“He also played a vital role in closing Proton’s search for a suitable FSP (foreign strategic partner). The need for an FSP in Proton was one of the key priorities of DRB-HICOM at the point of our acquisition of Proton in 2012”, he emphasised.
Syed Faisal said during Fuaad’s leadership, Proton saw a consistent improvement in business operations.
“Both the Boards of DRB-HICOM and Proton Holdings express our utmost gratitude for his immense contribution both at DRB-HICOM and at Proton; ending with the highly successful outcome of having Geely Holding as an FSP for Proton Group. Fuaad will be assuming a big role with a related company and the boards wish him the best for his future undertakings,” he added.
Rumours were rife recently that Dongfeng Honda Engine Co deputy general manager Li Chunrong would be appointed as Proton’s CEO.
This followed reports that Li had left Dongfeng Honda and joined Geely on Aug 22.
Meanwhile, DRB-HICOM said Syed Faisal will continue with his key role as the overall Proton chairman.
Geely, which owns 49.9 per cent of Proton, will also be nominating a suitable candidate as the CEO of PONSB.
DRB-HICOM said in order to ensure a smooth integration, Datuk Radzaif Mohamed will remain as a key officer at Proton Holdings and will continue in his role as deputy CEO at PONSB.
Similarly, Abdul Rashid Musa, who was named as Proton Edar CEO in February 2017, will also continue in his role as the CEO at the distribution arm.
ends