Malaysia’s Employees Provident Fund Names Encik Ahmad Zulqarnain Onn CEO

The board of Malaysia’s 1 trillion Malaysian ringgit ($211.5 billion) Employees Provident Fund has hired Encik Ahmad Zulqarnain Onn as its new CEO, effective February 19. will succeed Datuk Seri Amir Hamzah Azizan, who was named Malaysia’s second finance minister in December after leading the fund since March 2021.

Ahmad Zulqarnain was most recently president and group chief executive of Malaysian investment management firm Permodalan Nasional Berhad, from which his resignation will be effective on February 16. Prior to joining PNB in 2020, he was with the Malaysian sovereign wealth fund Khazanah Nasional Berhad for more than six years, first as an executive director and then as deputy managing director. Before that, he was CEO of Danajamin Nasional Berhad for five years.

“We would like to welcome and congratulate Encik Ahmad Zulqarnain on his appointment as the new EPF CEO,” EPF Chairman Tan Sri Ahmad Badri Mohd Zahir said in a release. “With his extensive corporate experience, we are looking forward to his dynamic and focused leadership to drive the EPF to greater heights.”

According to the EPF, Hamzah played a “pivotal role in the growth and success of the EPF,” with his key achievements included directing the fund through various economic cycles and challenges and consistently achieving positive growth in investment income.

“The EPF Board extends their heartfelt gratitude to Datuk Seri Amir Hamzah for his exemplary service to the EPF and significant contributions and achievements, which have positioned the EPF for continued success,” Zahir said.