Kumpulan Wang Persaraan, Malaysia’s second-largest public pension fund, has a new head.
Syed Hamadah Othman will take the chief executive reins from Dato’ Wan Kamaruzaman Wan Ahmad, who led the $33.9 billion outlet, also known as KWAP, for five years.
Othman, who started his new job on November 1, previously worked at Actuarial Partners Consulting as its director and head of the firm’s retirement business. In addition to working on a consulting group that reviewed Malaysia’s pension, social security, and healthcare system, Othman is also a fellow of the Faculty of Actuaries in the UK, and the Actuarial Society of Malaysia.
The fund wished the former CEO well, adding that he left “having made a significant contribution to the transformation and growth of the company.”
“Throughout this transition, KWAP remains steadfast in delivering its mandate to ensure that the responsibilities towards the nation and the beneficiaries, would be fulfilled,” the fund said.
Othman’s move is the latest executive turnaround in a Malaysian institution since the nation’s general election in May, where it saw its first change in government since its independence from Great Britain in 1957.
Another change came in August, when Shahril Ridza Ridzuan, then-CEO of the $195.2 billion Employees Provident Fund, took over Azman Mkhtar’s responsibilities as head of Khazanah Nasional Berhad, the nation’s $37.7 billion strategic investment arm. Alizakri Alias, its deputy CEO, strategy, replaced Ridzuan.