Petroliam Nasional Berhad (Petronas) has announced that its chairman, Tan Sri Ahmad Nizam Salleh, will be retiring from the company and its board after having served his three year contractual tenure.
Nizam, who held the position since August 2018, will depart the company on July 31. Following his retirement from the business, he will assume the role of chairman of Pelaburan Hartanah Bhd. The outgoing chairman had served the company in various leadership roles for 37 years, prior to assuming the role of Petronas chairman.
Tan Sri Mohd Bakke Salleh, who currently serves the company as an independent director, as well as the chairman of its risk committee and a member of its audit committee, will take up the role of Petronas chairman on August 1. In addition to his capacities at Petronas, Bakke is currently serving Telekom Malaysia Bhd as chairman. Prior to Telekom Malaysia, he was the chairman of the Federal Land Development Authority.
“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,” Nizam said in a company statement.
“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,” he added.
“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,” Nizam went on to say.
Petronas describes itself as a global energy and solutions company that is ranked amongst the largest corporations on Fortune Global 500. The company is involved in the upstream, downstream, gas, new energy, and project delivery sectors, its website shows.
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