Three senior board members exit Boustead Heavy Industries in governance shake-up
According to filings with Bursa Malaysia, the departures involve Dr Salihin Abang, Izaddeen Daud and Saadatul Nafisah Bashir Ahmad, all of whom held multiple roles on the board.
Dr Salihin stepped down as an independent non-executive director and relinquished his positions on the audit and risk committees.
Saadatul vacated her seat on the board as well as the audit and nomination and remuneration committees. Izaddeen, a non-independent non-executive director, also resigned from the board.
No reasons were given for the resignations and replacements have yet to be announced.
The exits come as BHIC's parent company, Boustead Holdings Bhd, and its major shareholder, the Armed Forces Fund Board (LTAT), move forward with a broad restructuring agenda.
Izaddeen was appointed group chief executive officer (GCEO) of Boustead Holdings in November 2022. BHIC's latest annual report indicates that he still holds the position, although Boustead Holdings' official website currently does not list a GCEO among its leadership team.
In February, the government launched a new reform blueprint dubbed Project Earth, aimed at improving operational efficiency and productivity across LTAT and its portfolio of companies, including Boustead and BHIC.
Project Earth replaces the earlier Project Moonshot, which was suspended in 2023 amid concerns over LTAT's financial stability. The previous plan sought to pare down Boustead's RM3.4 billion debt and divest its stake in six key subsidiaries.
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