Tunku Alizakri Alias will be new chief executive officer of Malaysia’s Employees Provident Fund, effective August 20.
Alizakri will replace Shahril Ridza Ridzuan, the $200 billion private sector plan’s current head, when he starts his new job as managing director at sovereign wealth fund Khazanah Nasional Berhad.
Khazanah announced Ridzuan’s move last week, following the resignations of Azman Mokhtar (the former head) and the rest of its nine-member board last month. The mass exit was a result of harsh criticism from Prime Minister Mahathir Mohamad, who will become Khazanah’s new chairman.
It is not known how many Khazanah resignation letters have been accepted, nor if any members will stay on the board.
The Provident Fund’s new chief, Alizakri, has been with the company since 2014, serving as deputy CEO of strategy. He currently oversees national policies on social protection and developments in the business’ products and services. Alizakri also looks after corporate strategy, corporate affairs, human capital, and talent development.
He also sits on the pension’s management investment committee, which makes sure investment suggestions are in line with the Provident Fund’s governance and risk tolerance.
Tan Sri Samsudin Osman, the fund’s chairman, called Aliakri’s promotion “a validation of our robust succession planning which has enabled the minister of finance to choose a suitable internal candidate.”
Osman also expressed his appreciation for the departing CEO on his new gig.
“Though with a heavy heart, I am proud that Datuk Shahril has been appointed to take on greater challenges at Khazanah,” he said. “He has brought the EPF to new heights with strong dividends, enhancements to the EPF’s policies as well as improvements to the customer experience. Datuk Shahril is a prime example of dedication and professionalism.”