The 73-year-old corporate figure is stepping down to pursue other interests, the company said in a stock exchange filing.

The company said Megat Zaharuddin would also cease to be the chairman of its nomination and remuneration committee on May 7.

The company recently appointed Azlan Abdullah as its new chairman, effective May 7, to succeed Shamsul Azhar Abbas, who is retiring on the same date, upon reaching the age of 70.

Permodalan Nasional Bhd, its largest shareholder with 12.16% equity interest, had said it looked forward to Azlan’s leadership in steering SEB through the company’s restructuring and turnaround process.

SEB reported a net loss of RM8.90 billion for the financial year ended Jan 31, compared with a net loss of RM160.87 million the year before.

The group made provision for impairment on goodwill on consolidation of RM3.29 billion and provision for impairment on property, plant and equipment of RM2.32 billion.