KUALA LUMPUR, May 29 — Permodalan Nasional Bhd (PNB) has appointed Raja Tan Sri Arshad Raja Tun Uda as its group chairman, effective June 1, 2023, to replace Tun Arifin Zakaria who retired on May 6, 2023.

In a statement today, PNB said Raja Arshad is the chairman of Ekuiti Nasional Bhd, Icon Offshore Bhd and Bumi Armada Bhd, and former director of Maxis Bhd and Khazanah Nasional Bhd.

He was also the former executive chairman of PricewaterhouseCoopers (PwC) Malaysia and chairman of the Leadership Team of PwC Asia 7.

"During the Asian financial crisis of 1997, Raja Arshad was appointed chairman of Danamodal Nasional

Bhd, one of three special purpose vehicles set up by the government to manage the crisis,” said PNB, one of the largest fund management companies in Malaysia.

President and group chief executive Ahmad Zulqarnain Onn said the board and PNB staff welcome Raja Arshad to the board with his extensive experience in the stewardship of companies and institutions.

"We look forward to his leadership as we execute our strategic plan to deliver on our mandate in enhancing the economic wealth of the Bumiputera community and all Malaysians,” he said.

Raja Arshad is a fellow of the Institute of Chartered Accountants in England and Wales. He is also a member of the Malaysian Institute of Accountants and the Malaysian Institute of Certified Public Accountants, where he served on its council for 24 years, three of which as president. — Bernama