KUALA LUMPUR, April 29 ― Permodalan Nasional Bhd (PNB) has announced that its group chairman, Tan Sri Zeti Akhtar Aziz has officially written to Prime Minister Tan Sri Muhyiddin Yassin and chairman of Yayasan Pelaburan Bumiputra (YPB) to express her intention not to renew her tenure upon the completion of her three-year term on April 30, 2021.

"It has been my honour to have served as the group chairman of PNB for these three years, during which we have implemented our organisational transformation agenda in possibly the most tumultuous and transformative period ever experienced,” she said.

She said the transformation agenda has spurred greater potential for performance and innovation, as well as greater efficiency.

"PNB is now well-positioned to do even better in the future and to achieve the long-term value creation that we aim to achieve for our unitholders,” she said in a statement issued by PNB.

Meanwhile, president and group chief executive Ahmad Zulqarnain Onn said PNB had greatly benefited from Zeti’s visionary leadership.

"On behalf of the board of directors, the leadership team and all staff at PNB, I would like to take the opportunity to express our deepest gratitude to Tan Sri Dr Zeti for her visionary leadership and invaluable contribution to PNB, ASNB and the PNB Group of Companies these past three years.

"She brought with her close to four decades of experience in public service and institution building from which PNB has greatly benefited,” he said.

PNB said the appointment of a new group chairman will be made by YPB in due course.

Since her appointment as group chairman in 2018, Zeti has driven PNB’s transformation journey which saw the institution achieving great strides across three key areas.

Firstly, the diversification efforts into a broader range of asset classes and global markets saw PNB’s exposure in international assets growing to 12.3 per cent by the end of 2020, strengthening the investment portfolio from concentration in domestic equities.

"Secondly, PNB has managed to strengthen its risk and liquidity management capabilities, focusing on lowering the high percentage of cash holdings with greater management of foreign exchange risk exposures.

"Finally, PNB has embarked on a group-wide organisational transformation to engender digital innovation, operational efficiency and various initiatives to develop the talent pool,” it added. ― Bernama