Malaysia’s Armed Forces Fund Board, roiled by a recent spate of top resignations, has appointed Azizan Ariffin, former chief of the defence forces, as its new chairman and promoted Mohammad Ashraf Md Radzi from chief financial officer to chief executive officer.
Azizan succeeds Mohamed Affandi Mohamed Noor, who resigned from the 11.54 billion ringgit (US$2.42 billion) retirement fund for the armed forces on February 8. Mohammad Ashraf replaces Ahmad Nazim Rahman, who resigned as CEO on January 31.
The fund, known by its local acronym LTAT, announced the new appointments in a statement on April 1.
It did not name a new CFO, or a replacement for Rogayah Omar, the head of strategic asset allocation, who is currently serving out her notice after resigning.
Neither the fund nor the three officials have publicly explained their sudden resignations.
According to the statement, Azizan’s “extensive background in military affairs, diplomacy and leadership development will be instrumental in guiding LTAT towards its strategic objectives and enhancing its role in supporting the welfare of armed forces personnel and their families”.
Mohammad Ashraf, a trained accountant, worked at UBS Investment Bank in London and global accounting firm Ernst & Young in Ireland before returning to Malaysia in 2009. He joined the LTAT as CFO four years ago from construction company Ahmad Zaki where he held the same position.