Article: PNB CEO Jalil Rasheed resigns, citing harassment

C-Suite

PNB CEO Jalil Rasheed resigns, citing harassment

At the age of 38, he was the youngest CEO to be appointed to the government-linked fund, and his tenure has also been the shortest.
PNB CEO Jalil Rasheed resigns, citing harassment

Permodalan Nasional Berhad, the Malaysian government-linked fund management giant, confirmed earlier this week that CEO Abdul Jalil Rasheed has resigned with immediate effect. Jalil, who at 38 is the youngest-ever CEO to be appointed to PNB, said in a farewell letter to staff that he had been subjected to constant harassment since taking up the post in September 2019, and that he was stepping down for the safety of his family. The harassment reportedly included abusive phone calls, the hacking of his email and social media accounts, and allegations on social media about his educational qualifications, and the Malaysian Communications and Multimedia Commission has urged him to lodge reports with the authorities.

Prior to PNB, Jalil was the CEO of Invesco Singapore and before that the CEO of Aberdeen Standard Investments Malaysia. He reportedly took a significant pay cut when he accepted the PNB position, saying at the time that he wanted to contribute to nation-building. At the time, he was expected to reform the fund's governance and decision-making processes. His tenure saw the review and eventual cancellation of multiple projects that were deemed risky investments, and while this may have helped to preserve the fund's finances, it may also have put him at odds with other stakeholders and business partners—hence his departure after less than a year.

PNB has confirmed that they have approved Jalil's successor, but the new CEO's identity is yet to be announced. Given the current uncertain political atmosphere in Malaysia, Jalil's resignation and the appointment of the next PNB CEO will almost definitely be politicized regardless of the actual circumstances.

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Topics: C-Suite

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