Megat Zaharuddin Megat Mohd Nor will replace Shahrir Samad, who was brought in last year with an aim of fixing management issues at the agency and rebuilding support for Najib Razak’s government among palm oil settlers ahead of the May 9 general election.

The oil palm settlers have been grappling with the rising cost of living and high debt levels due to insufficient incomes.

But Shahrir resigned shortly after the shock election results in which Najib’s coalition was defeated by the one led by 93-year-old leader Dr Mahathir Mohamad.

Megat Zaharuddin was chairman of Maybank for over seven years and has experience in the oil and gas sector for 31 years, Felda said in the statement.

“Seven new board members, excluding the chairman, including professionals and subject matter experts, were also elected effective the same day,” the statement said.

Shahrir was appointed as Felda’s chairman in January 2017.

Felda settlers form the majority of voters in at least 54 of the 222 seats in the national Parliament, and had been pivotal in the former ruling coalition, winning every election since Malaysia’s independence in 1957.