FGV Holdings ends Zakaria Arshad's appointment as president and CEO

Agri-business firm FGV Holdings' has announced the cessation of office of Zakaria Arshad, its group president and CEO. According to a Bursa filing, the cessation of office took effect upon FGV receiving a letter from the Minister of Finance (Incorporated), FGV's Special Shareholder on 12 September 2018. Zakaria has helmed the role since 2016.

The letter stated that the Minister of Finance (Incorporated) had withdrawn its nomination of Zakaria as government appointed director in implementing FGV's new constitution, which was approved by FGV's shareholders on 28 June this year. A+M has reached out to FGV Holdings for additional information.

Zakaria is also currently advisor to Mobile Food Trucks and Street Food Association Malaysia; council member of Action Group for Entrepreneurship, Universiti Malaysia Kelantan; alternate member of Malaysia Palm Oil Board and vice chairman of Palm Oil Refiners Association of Malaysia.

Among the list of positions he previously helmed include CEO, Felda Vegetable Oil Products; CEO, Delima Oil Products; senior GM, Felda Rubber Industries; GM, Felda Marketing Services; and administration and marketing manager, Felda Rubber Industries.

This announcement comes after FGV Holdings appointed Zurich Life Insurance Malaysia board member Hoi Lai Ping and Bursa Malaysia's former CEO Yusli Mohamed Yusoff as independent directors. During the second quarter of its financial year ended June 2018, (Q2 2018), FGV amassed a revenue of RM3.44 billion compared to RM4.21 billion in the previous corresponding quarter.