ABDUL Jalil Abdul Rasheed’s appointment as the new CEO of Berjaya Corp Bhd (BCorp) marks the first time in the conglomerate’s long history that a non-family member is hired to run the family-controlled business empire.
While some people might balk at the idea of having an outsider taking over a role that has always ‘belonged’ to the family, the move might actually be the best solution for the company.
After all, the increasingly competitive nature of the business environment demands appropriate leadership and talent to help organisations succeed in the long term. To stay viable, it is crucial that organisations have diverse perspectives to objectively assess their strengths, weaknesses, and risks to help them plot a positive course of action.
Simply put, outsiders, who are professionals in their own capacities, can bring fresh perspective to the table and offer the best and unbiased solution.
In Jalil’s case, his mandate is to streamline the way the company is managed to create and enhance shareholder value and to transform the corporation into a high-performing organisation.
This will include a re-look at BCorp’s corporate structure, optimise financial and human resources, improve synergies and efficiency, and enhance corporate governance and transparency.
This is not an easy task at all and BCorp’s new CEO is well aware of that. Jalil previously admitted that “the group is very undervalued with many good assets that can be optimised and realised to enhance value for shareholders”.
But if there’s any consolation, it would be that BCorp is a resilient organisation with deep roots and a heritage that spans more than three decades.
All that it needs now is fresh blood, particularly a homegrown talent who’s got plenty to offer, in particular a smart perspective on operations, wide-reaching personal connections, and valuable global experience. Jalil, it seems, has got them in spades.
The 39-year-old previously helmed the state-controlled unit trust fund Permodalan Nasional Bhd (PNB). In the past, he has had stints overseas with global investment firms such as Aberdeen Standard Investments and Invesco Ltd.
There is without a doubt an uphill battle up ahead for Jalil at the Berjaya business empire, and whether or not he will succeed in steering BCorp to greater heights, only time will tell. – March 19, 2021