Latest news with #Izaddeen
New Straits Times
17-06-2025
- Business
- New Straits Times
Pharmaniaga director Izaddeen Daud steps down amid wider Boustead board shake-up
KUALA LUMPUR: Pharmaniaga Bhd has announced the resignation of Izaddeen Daud as a non-independent and non-executive director, marking the latest in a series of board-level exits across Boustead-linked companies. The pharmaceutical arm of Boustead Holdings Bhd said in a filing with Bursa Malaysia that Izaddeen stepped down effective today to pursue other interests. It added that there were no disagreements with the board or matters requiring shareholder attention. Izaddeen's resignation comes just two weeks after his departure from the board of Boustead Heavy Industries Corp Bhd (BHIC), a Boustead subsidiary. The exits come as BHIC's parent company, Boustead Holdings, and its major shareholder, the Armed Forces Fund Board (LTAT), advance a broad restructuring agenda. On June 3, BHIC announced that three senior board members, including Izaddeen, had resigned as part of what the company described as a wider leadership reorganisation. Izaddeen was appointed group chief executive officer (GCEO) of Boustead Holdings in December 2022. BHIC's latest annual report indicates that he still holds the position, although Boustead's official website currently does not list a GCEO among its leadership team. He has previously held senior roles at Permodalan Nasional Bhd, MARA Incorporated, and ASM Investment Services Bhd, among others. Pharmaniaga said Izaddeen has no family relationship with any of its directors or major shareholders, holds no conflict of interest, and does not have any shareholding in the company.
New Straits Times
03-06-2025
- Business
- New Straits Times
Three senior board members exit Boustead Heavy Industries in governance shake-up
KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) has announced the resignation of three senior board members, marking a fresh round of leadership changes amid broader restructuring at the group level. 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.
