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.