WAN Kamaruzaman Wan Ahmad will step down as Retirement Fund Inc (KWAP) CEO after five years at the helm, reported The Malaysian Reserve.

The portal, citing a source, said Wan Kamaruzaman is due to meet Finance Ministry officials this week to discuss his departure from the nation’s largest civil servant pension fund, which, as of the end of last year, managed RM140.8 billion in assets.

“The date of his departure will be known when he meets the new KWAP chairman this week,” the source was quoted as saying.

The portal said it is not yet known who will replace Wan Kamaruzaman, who was appointed to the post on May 2, 2013.

But, it said, one of the names that have been floated is Syed Hamadah Othman, from Actuarial Partners Consulting. He is a fellow at both the UK’s Institute and Faculty of Actuaries, and the Actuarial Society of Malaysia.

Wan Kamaruzaman is a board member at Malakoff Corp Bhd and ValueCap Sdn Bhd, an investment firm equally owned by KWAP, Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB).

KWAP is a Finance Ministry agency, and reports directly to Putrajaya. Its chairman is Ahmad Badri Mohd Zahir, who was appointed as Treasury secretary-general last month, replacing Ismail Bakar.

There have been numerous changes in government-linked investment companies and state-owned firms following Pakatan Harapan’s 14th general election victory, with the new government vowing to rid these bodies of corrupt elements and enact reforms.

Former Employees Provident Fund CEO Shahril Ridza Ridzuan was appointed as Khazanah managing director after the departure of Azman Mokhtar, while former Bank Negara Malaysia governor Dr Zeti Akhtar Aziz has replaced Abdul Wahid Omar as PNB chairman.

Last month, KWAP chief information officer Nik Amlizan Mohamed was appointed as CEO and board member of Lembaga Tabung Angkatan Tentera, replacing Lodin Wok Kamaruddin, who stepped down on September 7.

Tabung Haji and the Federal Land Development Authority, too, have seen changes in leadership. – October 16, 2018.