29.10.2018 (Malay Mail) - KOTA KINABALU, Oct 29 — FGV Holdings Bhd chairman Datuk Azhar Abdul Hamid, who was named its interim CEO just last week, will only have to serve in that capacity until year end, according to The Malaysian Reserve.

Citing an unnamed source, the paper reported a shortlist of 11 candidates for the CEO post, adding that Azhar’s replacement may even be a non-Malaysian.

“I think he will be the interim CEO for two to three months. We should have a new CEO by end of the year. The logic is simple, it’s very difficult to manage the company through a special board committee. If we have the chairman as the interim CEO, it would be easier,” the source was quoted saying.

Earlier this month, Azhar said the company was in the middle of a selection process to appoint a new leader who will be tasked with developing the world’s third largest plantation company.

Azhar was appointed the company’s interim CEO after the post was vacated by his predecessor Datuk Zakaria Arshad Zakaria, who resigned on September 18, just six days after he was suspended and stripped of all his duties following the conclusion of FGV’s internal investigations into 10 critical issues.

This was Zakaria’s second suspension in 15 months.

FGV is the world’s largest crude palm oil producer and has been riddled with allegations of questionable deals, political influence and poor financial showings.

The company’s shares fell 35 per cent or RM2.74 billion in value since January 12 prompting the plantation company to come up with a turnaround plan.

Investigations into FGV’s past investments and the management changes are expected to be concluded by year end.