KUALA LUMPUR (Nov 7): Boustead Plantations Bhd has announced the resignation of its chief executive officer (CEO) Zainal Abidin Shariff effective Tuesday (Nov 8).

Zainal Abidin, 53, is exiting the position that he assumed in July last year “to pursue other interests”, the oil palm plantation group said in a bourse filing.

Prior to his stint at Boustead Plantations, Zainal Abidin had served as TDM Bhd’s group CEO, chief executive of The Incorporated Society of Planters, Felcra Bhd’s chief operating officer (COO) and chief financial officer (CFO), and Chemara Palmea Holdings Bhd’s CFO.

Boustead Plantations also announced that effective Tuesday, the group’s non-executive director Fahmy Ismail is to be redesignated to executive director.

“While the board identifies a suitable candidate to fill the (CEO) position, in the interim, Fahmy will take the helm as acting CEO of Boustead Plantations until further notice,” the group added.

Bousted Plantations noted that Fahmy, 46, had previously served as the group’s CEO from 2014 to 2018. He is also serving as parent Boustead Holdings Bhd’s group finance director since 2017.

“The board believes his broad experience and knowledge in the industry will ensure [a] smooth leadership transition and business continuity for the plantation division of the group,” Boustead Plantations said in a separate statement.

Besides this, Fahmy has also previously acted as Boustead’s COO and Boustead REIT Managers Sdn Bhd’s CEO.

Shares in Boustead Plantations ended unchanged at 71 sen on Tuesday, giving the group a market capitalisation of RM1.59 billion. Year to date the counter has risen 9.23%.

Source: The Edge