1MDB Appoints New President

1MALAYSIA Development Bhd (1MDB) has appointed a Dubai-based banker, Arul Kanda as President and Group Executive Director with immediate effect, the company announced this week.

Chairman of 1MDB, Tan Sri Datuk Seri Lodin Wok Kama­ruddin said the appointment is part of a transition plan.

“Arul succeeds Mohd Ha­zem Abd Rahman, who will step down as MD and CEO and member of the Board of Directors,” he said.

Arul, who was born in Ma­laysia, 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.

Lodin said Arul’s experi­ence from the financial world and a proven track record of transforming businesses will be invaluable to 1MDB as it undertakes a re-evaluation of the business aimed at ensur­ing that 1MDB is best posi­tioned to fully realise value from its investment portfolio and fulfil its broader econom­ic objectives.

He said that 1MDB will continue to execute its ongo­ing initiatives, increase opera­tional efficiencies and im­prove its 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,” Lodin added.

The newly-appointed Arul, who is a qualified barrister, said that his first priority will be to undertake a comprehen­sive strategic review of 1MDB operations, whilst ensuring that it drives value from the high quality energy and property assets in the com­pany’s portfolio.

“I look forward to working with the 1MDB team as we begin this journey, and am confident that we will achieve the right outcome for the company and its stakehold­ers,” he said.

Arul, 38, was previously the Executive Vice President and Head of Investment Banking of Abu Dhabi Com­mercial Bank (ADCB), and had held leadership positions at Barclays Capital and Credit Agricole. He also served on the Board of RHB Investment Bank Bhd previously.