Cagamas chairman steps down

PETALING JAYA: The chairman of Cagamas Holdings Bhd (CHB) and its wholly owned subsidiary Cagamas Bhd (CB) Datuk Ooi Sang Kuang will be stepping down as chairman of CHB and CB on July 1, 2017.
Ooi has served as chairman of CB for close to 15 years since October 2002, and CHB since April 2008.
However, Cagamas said in a statement today that Ooi will remain as a director of CB until Dec 31, 2017 to provide continuity to the group.
The group said Nik Mohd Hasyudeen Yusoff and Shaik Abdul Rasheed Abdul Ghaffour will be appointed as chairmen of CHB and CB respectively with effect from the same date.
It noted that Ooi's departure is part of the succession planning process.
"It has been an honour and privilege to serve on both boards and I am confident that Cagamas will continue to create value for all its stakeholders in the years ahead," Ooi said.
CHB's incoming chairman Nik Mohd Hasyudeen sits on the boards of Bank Islam Malaysia Bhd, Malaysia Professional Accountancy Centre and Federation of Investment Managers Malaysia.
Nik was the executive director in charge of market and corporate supervision at the Securities Commission Malaysia and the former executive chairman of the Audit Oversight Board.
Meanwhile, CB's incoming chairman Shaik Abdul Rasheed is the deputy governor of Bank Negara Malaysia. He is also a member of the board of directors of CB, member of the monetary policy committee, the management committee, the reserve management committee and the risk management committee of Bank Negara Malaysia.