DITCHED by state-controlled unit trust fund Permodalan Nasional Bhd (PNB) after only a nine-month spell as amid allegation of allegations of inconsistencies in his academic and employment background, Abdul Jalil Abdul Rasheed has found solace in the most unexpected of places.
Yesterday, Berjaya Corp Bhd (BCorp) announced that its group CEO Datuk Seri Robin Tan Yeong Ching has ‘stepped aside’ to make way for the then youngest ever head honcho to helm PNB to fill that role with effect from March 16.
The immediate challenge for 39 year-old Jalil is to quickly acclimatise himself in a family-run business environment which perhaps is the maiden experience of his corporate career.
After all, it will never be a smooth sailing affair to work alongside – and live up to the expectations – of BCorp’s founder and executive chairman Tan Sri Vincent Tan and not to mention his predecessor who has been promoted and re-designated as the company’s executive deputy chairman.
According to BCorp in its media statement, the trio will converge an executive committee who together with the contributions of the board members will be involved in all strategic decision making and planning the future business direction of the BCorp Group.
“The new appointments were made to transform BCorp into an institutionalised corporation, managed by professionals,” envisaged BCorp.
“Jalil’s mandate will be to re-look at BCorp’s corporate structure, optimise financial and human resources, improve synergies and efficiency, enhance corporate governance and transparency, streamline the various Group businesses to create and enhance shareholder value and to transform BCorp into a high performing organisation.”
This is obviously no small feat as Jalil has admitted himself that – after several months of discussion with BCorp’s patriarch – “the group is very undervalued with many good assets that can be optimised and realised to enhance value for shareholders”.
The senior Tan has made his aspirations clear in a subtle yet firm manner:
“After many decades of running this group, having endured and survived several global financial crises over the years and with the latest COVID-19 pandemic and economic downturn which has not spared the Berjaya Group, both Robin and I realised and decided it’s time that we streamline the way the organisation is managed, relook at our various businesses, our strengths and shortcomings and how to make sure going forward that we are future proofed to meet the challenges of any external shocks.”
For sure, Jalil can expect a mountain to climb for BCorp is an absolute ‘different corporate animal’ from PNB or any of his past corporate stints overseas with global investment firms such as Aberdeen Standard Investments and Invesco Ltd.
As if to welcome Jalil on board, BCorp was up 3 sen or 16.7% to 21.5 sen at 9.21am with 114.07 million shares traded, thus valuing the company at RM1.1 bil. – March 17, 2021