This question suddenly pop up in my mind why Felda Global Ventures Hodings Berhad (FGV) need a new leader to navigate a FGV ship towards more successfull in future.
Why it's so important that a new comer to lead such a good GLC apart of subsidiary from Felda that was a thousands of "Peneroka" depend on it. This is a reasons why FGV had to changed their CEO with the fresh one.
Felda Global Ventures Holdings Bhd (FGV), a leading palm oil producer and sugar refiner, has appointed Dr Mohammed Emir Mavani Abdullah the CEO designate to replace group president cum CEO Datuk Sabri Ahmad when his contract ends on July 15.
In an announcement to Bursa Malaysia yesterday, FGV said the appointment was part of the succession plan to ensure a smooth phasing in of the new leadership after the expiry of the contract of the current group president/CEO.
Mohammed Emir's appointment as CEO designate takes effect from Jan 1 this year.
A former adviser to the United Arab Emirates' finance minister, Mohammed Emir now holds directorships in government-linked Malaysia Nuclear Power Corp and Malaysian Petroleum Resources Corp.
According to the announcement, he was with the finance minister of UAE as adviser from 2003 to 2007 and the adviser for strategy and policy with the UAE executive council until 2010.
He joined Pemandu as director in 2010, a position he continues to hold. Mohammed Emir has been a non-independent non-executive director of FGV since July 2011.
Sabri's prime achievement was to see the listing of FGV, which made its debut on Bursa Malaysia amid a grand fanfare due to the political undertones associated with the stock.
FGV is controlled by Felda group, the entity governing the plantations owned by smallholders in rural areas that are key constituencies of the ruling government.
On its debut in July last year, FGV hit a high of RM5.35 but it has trended down because of the bearish outlook of the plantation sector.
After its spectacular listing, FGV's share price has come down and is now hovering just above its institutional offer price that was set at RM4.55 per share. For retail investors, the shares were offered at RM4.45 each.
Will be continue with part II in the future.Sent from my BlackBerry® wireless device via Vodafone-Celcom Mobile.