Mokhzani Mahathir quits management role in SapuaraKencana

Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Friday, 06 December 2013 19:00
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KUALA LUMPUR (Dec 6): Datuk Mokhzani Mahathir and Yeow Kheng Chew
have decided to relinquish their management roles in SapuaraKencana
Petroleum Bhd, the company said in a press statement today.
SapuaraKencana said prior to the merger between SapuraCrest Petroleum Bhd
and Kencana Petroleum Bhd, it was decided that the leaders of the merging
entities would jointly refine the strategy and spearhead integration of the
companies.
Kencana was headed and controlled by Mokhzani while SapuraCrest was
controlled and helmed by Tan Sri Shahril Shamsuddin.
“With that integration now successfully completed, what remains is the
execution of the strategy that was set by the two leaders.
“Execution of this strategy involves the streamlining of our company’s
management. Thus, Datuk Mokhzani Mahathir and Mr Yeow Kheng Chew have
decided to relinquish their management roles in the company.”
But the statement said Mokhzani and Yeow will continue to actively support the
company as non-executive non-independent directors, and Shahril will remain
as president and group chief executive officer.
“This development is consistent with the strategy set by the leaders
pre-merger, and is not in any way a response to any conflict of interest queries
raised in the past,” said company chairman Datuk Hamzah Bakar in the
statement.