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.
