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Malaysia’s Khazanah may not renew chief’s term, may tap Sime Darby CEO as successor, sources say

Shahril Ridza joined Khazanah in August 2018. He was previously chief executive officer of the Employees Provident Fund, Malaysia’s largest pension fund
By Goh Thean Eu   
February 23, 2021

Malaysian sovereign wealth fund Khazanah Nasional may not renew the contract of its head Shahril Ridza Ridzuan, and one of his potential successors is Jeffri Salim Davidson, chief of sprawling local conglomerate Sime Darby, according to people familiar with the matter.

“The company is still evaluating all options, including renewing Shahril’s contract,” one of these people tells Asia Asset Management (AAM).

Shahril Ridza, the former chief executive officer of the Employees Provident Fund, Malaysia’s largest pension fund, was appointed as Khazanah’s group managing director in August 2018.

His contract at the 137 billion ringgit (US$34 billion) wealth fund ends this August.

Spokespersons for Khazanah declined to comment.

Shahril Ridza’s putative successor Jeffri Salim is a trained accountant who has been the CEO of Sime Darby since 2019. He joined the company in 1992 as an accountant, left in 1996, and returned in 2004 as finance director of one of its subsidiaries. He was appointed the deputy group chief financial officer in 2016.

Sime Darby has businesses in the automotives, healthcare and heavy machinery sectors.