FGV Holdings Bhd Group President and CEO Zakaria Arshad has ceased to be a director of the company effective today.
In a filing with Bursa Malaysia, the agri-business firm said the cessation took effect after it received a letter from special shareholder the Minister of Finance Incorporated withdrawing its nomination of Zakaria as a government-appointed director in implementing FGV's new constitution, which was approved by shareholders on June 28.
The cessation is in accordance to Clause 89(3) of the constitution, which states that the government-appointed director will cease to be a director on the withdrawal of his nomination.
Among Zakaria's current positions in other organisations are vice-chairperson of Palm Oil Refiners Association of Malaysia, alternate member of Malaysia Palm Oil Board, council member of University Malaysia Kelantan's action group for entrepreneurship, and an advisor to Mobile Food Trucks and Street Food Association, Malaysia.
The latest board change followed last week's appointment of two new FGV independent directors – Bursa Malaysia's former CEO Yusli Mohamed Yusoff and Zurich Life Insurance Malaysia Bhd board member Hoi Lai Ping.