KUALA LUMPUR, 30 NOVEMBER 2022 – Izaddeen Daud has been appointed as the Group Chief Executive Officer (CEO) of Boustead Holdings Berhad (Boustead) effective from 1 December 2022. Izaddeen’s appointment is in line with the Boustead Group’s Senior Leadership Succession Programme, taking over the leadership of the Group from Dato’ Sri Mohammed Shazalli Ramly, who leaves the Group after 2 years of service.

With this continuity in the leadership team, the Group is expected to continue with its plans under the Reinventing Boustead vision, which was launched in 2020.

During Dato’ Sri Mohammed Shazalli’s tenure when Izaddeen was his Deputy, the Group has seen significant positive progresses that serve and protect the interest of shareholders. The outcome was successful with the Group returning to the black for the financial year ended 31 December 2021 after three consecutive years of losses. The Group has also had 7 consecutive quarters of profit after tax under his leadership team.

Boustead Chairman, Datuk Seri Mohd Redzuan Md Yusof said, “The Board has agreed to appoint Izaddeen, who has huge experience and an excellent track record in the corporate sector.

“He has the Board’s full support to lead the Group in strengthening the existing core businesses and developing new ventures that will further increase the shareholder value and take Boustead to new heights,” he said.

Commenting on his appointment, Izaddeen said “I would like to thank the Board for placing their trust in me to lead this venerable organisation. I am looking forward to working with all employees of the Group, who have shown great strength and resilience to ensure that Boustead survives the recent challenging period, including the COVID-19 pandemic.

Izaddeen added “On behalf of the Management team at Boustead Group, I would like to express our appreciation and gratitude to Dato’ Sri Mohammed Shazalli for his leadership and guidance in the past 2 years. The Management team will continue to drive forward in implementing the Reinventing Boustead
strategy, a vision that was initiated during the early days of Dato’ Sri Mohammed Shazalli’s tenure in Boustead.”

Helming Boustead since December 2020, Dato’ Sri Mohammed Shazalli’s expertise in organisational and enterprise behaviour has provided the springboard for the Group to launch the Reinventing Boustead strategy, a turnaround and rejuvenation initiative driven by a new performance improvement programme, embracing innovative and relevant technological services, as well as adoption of relevant and synergistic digital businesses to support the core businesses and to enhance new value creation for the future.

Datuk Seri Mohd Redzuan added, “On behalf of the Board, I thank Dato’ Sri Mohammed Shazalli for his leadership, vision and contribution in leading the Group through one of its most challenging times.

“We assure our shareholders that the change of leadership is normal, and all business strategies and programmes will continue as planned. We wish him the very best in his future endeavour,” he said.

Prior to his promotion to the Group CEO, Izaddeen has held a number of roles within the Group including the Deputy Group Managing Director, Executive Director for Group Business Development and Acting CEO of Boustead Properties Berhad. He is also currently sitting in the Board of public listed companies, including the Board of Boustead’s investee companies Boustead Plantations Berhad, Pharmaniaga Berhad and Boustead Heavy Industries Corporation Berhad.

Izaddeen also sat in the Board of numerous listed and unlisted companies across different industries. Since he began his career in 1991, Izaddeen has held various leadership roles including the Chief Executive Officer of ASM Investment Services Berhad, the Managing Director of MARA Incorporated and Assistant Vice President of Permodalan Nasional Berhad.

Izaddeen holds a Bachelor of Science (Accounting and Law) from De Monfort University, United Kingdom. He is a Certified Financial Planner of the Financial Planning Association (Malaysia) and a Fellow of the Institute of Public Accountant (Australia).

 

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Forward looking statements

This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

About Boustead Holdings Berhad

Boustead Holdings Berhad (“Boustead”) is one of Malaysia’s oldest conglomerates with Lembaga Tabung Angkatan Tentera (“LTAT”) as its majority shareholder. The diversified Group comprises more than 90 subsidiaries, associate companies and joint ventures, and has substantial interests in various sectors of the Malaysian economy.

Its operations are focused in five key areas namely plantation, heavy industries, property & industrial, trading, finance & investment, and pharmaceutical.

Since its inception as a modest trading entity more than 190 years ago, the Boustead Group has grown by leaps and bounds. As at 30 September 2022, Boustead Holdings Berhad’s paid-up capital was RM2.7 billion while its shareholders’ funds stood at RM3.7 billion. Market capitalisation is in the region of RM1.2 billion. For more information on Boustead, log on to www.boustead.com.my.

For more details, please contact Boustead’s Group Engagement & Experience Department at gee@boustead.com.my.