In a statement, LTAT said Haizad joins the board with over 22 years of experience in financial management and strategic leadership across various industries.

“His appointment epitomises our unwavering commitment to judicious financial stewardship and good governance.

“Haizad’s extensive expertise will be instrumental in guiding LTAT towards continued growth and operational integrity,” said LTAT CEO Ashraf Radzi.

Ashraf also expressed confidence that Haizad’s leadership will further fortify the board’s mission to uphold prudent financial management.

Haizad previously held the position of CFO at Retirement Fund Incorporated (KWAP).

Before that, he held a similar post at SD Guthrie International (previously known as Sime Darby Oils) and was group CFO at SME Bank from 2016 to 2024.

He also served as vice-president at RHB Investment Bank Berhad before assuming the role of group CFO at Johawaki Group in 2013.

Ashraf was previously LTAT’s CFO. He had filled in the CEO position on an interim basis in February following the resignation of Ahmad Nazim Abdul Rahman the previous month.

In February, LTAT chairman Raja Affandi Raja Noor and its senior director of strategy, Dayana Rogayah Omar, also resigned.

Nazim had reportedly resigned over the delay of an initiative to reset Boustead Holdings Bhd, which is wholly-owned by LTAT.

A source told FMT that Nazim, who was appointed in June 2021, had drawn up key initiatives aimed at addressing LTAT’s RM3.5 billion debt and its dividend-trap structure, involving delayering Boustead Group and overhauling its governance and operating models.

The proposed revamp stalled after Khaled Nordin, who was appointed as defence minister in mid-December as part of a Cabinet reshuffle, asked for the plan to be put on hold.

Khaled said the resignation of the three top LTAT officers had not disrupted its operations, adding that two of the three positions had been temporarily filled. The duties of the chairman were delegated to the ministry’s secretary-general Isham Ishak.