PETALING JAYA: DRB-Hicom, which holds a 50.1% stake in Proton Group, has said Proton Holdings Bhd chief executive Ahmad Fuaad Kenali will resign as its CEO effective Sept 30 to assume a “big role” with a related company, says a report in the Nikkei Asian Review.
Fuaad was appointed as CEO on April 1, 2016, after assuming the position of chief operating officer and senior group director of DRB-Hicom in 2013.
DRB-Hicom said China’s Zhejiang Geely Holding Group (Geely) would be nominating a suitable candidate as the CEO.
The Malaysian conglomerate had signed a definitive agreement in June to sell a 49.9% stake in its car-making unit Proton to Geely in a deal worth RM460.3 million.
Under the agreement, Geely will lend expertise in the areas of production, manufacturing, operations and marketing in Proton.