KUALA LUMPUR – Boustead Holdings Bhd has promoted Izaddeen Daud to group chief executive officer (CEO) effective tomorrow, following his recent tenure as the company’s deputy group managing director from March 1, 2021.
In a statement today, Boustead said that Izaddeen’s appointment, where he will be taking over from Datuk Seri Mohammed Shazalli Ramly, was in line with Boustead Group’s Senior Leadership Succession Programme.
“During (Shazalli’s) tenure when Izaddeen was his deputy, the group (had) seen significant positive progress that (served) and (protected) the interest of shareholders,” the statement said.
Commenting on his appointment, Izaddeen expressed his thanks to Boustead, saying in the statement: “I am looking forward to working with employees of the group who have shown great strength and resilience to ensure that Boustead (survived) the recent challenging period, including the Covid-19 pandemic.
“The management team will continue to drive forward in implementing the Reinventing Boustead strategy, a vision that was initiated during (Shazalli’s) early days in Boustead.”
The strategy was introduced in early 2021 after Boustead’s parent company, the Armed Forces Fund Board, decided against pursuing the privatisation of the group.
Meanwhile, Boustead chairman Datuk Seri Mohd Redzuan Md Yusof praised Izaddeen as having “huge experience and an excellent track record in the corporate sector.”
“(Izaddeen) has the board’s full support to lead the group in strengthening the existing core business and developing new ventures that will further increase the shareholder value and take Boustead to new heights,” he added.
He also assured shareholders that the change of leadership was normal and all business strategies and programmes would continue as planned.
Prior to his promotion to group CEO, Izaddeen served as an acting CEO for Boustead Properties Bhd from July 2020 to February 2021.
He is also currently sitting on the board of Boustead’s investee companies, namely Boustead Plantations Bhd, Pharmaniaga Bhd, and Boustead Heavy Industries Corp Bhd.
It was reported yesterday that Boustead’s net profit jumped 79% to RM99.60 million in the third quarter ending September 30, 2022, from the RM55.70 million amassed in the corresponding period last year.
However, revenue for the same quarter fell to RM3.67 billion compared with RM3.68 billion earlier.– The Vibes, November 30, 2022
