Abdul Wahid Omar Explained

Honorific-Prefix:Yang Berbahagia Tan Sri Dato' Seri
Abdul Wahid Omar
Native Name:Malay: {{Script|Arab|عبدالواحد عمر
Birth Name:Abdul Wahid bin Omar
Birth Place:Johor Bahru, Johor, Malaysia
Residence:Kuala Lumpur, Malaysia
Office1:Chairman of the Bursa Malaysia
Term Start1:1 May 2020
Minister1:Tengku Zafrul Aziz

Anwar Ibrahim

Amir Hamzah Azizan
Predecessor1:Shireen Ann Zaharah Muhiudeen
Office2:Chairman of the Permodalan Nasional Berhad
Term Start2:1 August 2016
Term End2:29 June 2018
Predecessor2:Ahmad Sarji Abdul Hamid
Successor2:Zeti Akhtar Aziz
Office3:Minister in the Prime Minister's Department
Term Start3:16 May 2013
Term End3:4 June 2016
Predecessor3:Nor Mohamed Yakcop
Successor3:Abdul Rahman Dahlan
Monarch3:Abdul Halim
Primeminister3:Najib Razak
Deputy3:Waytha Moorthy Ponnusamy

Devamany S. Krishnasamy
Constituency3:Senator
Office4:Senator
Term Start4:5 June 2013
Term End4:4 June 2016
Monarch4:Abdul Halim
Primeminister4:Najib Razak
Citizenship:Malaysian
Nationality:Malaysia
Spouse:Kay Roserina Mohd Kassim[1]
Alma Mater:Malaysian Institute of Accounts (MIA)
Institute of Chartered Accountants in England & Wales (ICAEW), UK
Party:Independent

Abdul Wahid bin Omar (Jawi: عبدالواحد بن عمر; born 1964) is a Malaysian banker and investor who has served as Chairman of the Bursa Malaysia since May 2020[2] and Chairman of the National University of Malaysia (UKM), one of Malaysia top universities, since November 2018.

He was the former Group Chairman of Permodalan Nasional Berhad (PNB), a Malaysia's government-linked investment company and one of the country's largest fund management company from August 2016 to June 2018.[3] Previously, he was appointed a Senator and Minister in the Prime Minister's Department in charge of Economic Planning, serving from June 2013 to June 2016.[4] He is also known as the former President & CEO of Maybank from 2008 to 2013, Malaysia's largest public listed company and one of the leading financial services groups in Southeast Asia.[5] [6] His major contribution to corporate world is overseeing the turnaround of UEM Group, Telekom Malaysia and Maybank.[7]

Background

Abdul Wahid was born in Johor Bahru, Johor, in 1964 and was the ninth child out of eleven siblings.[8] He received his secondary education at MRSM Seremban from 1977 to 1981 before furthering his study to United Kingdom under Majlis Amanah Rakyat (MARA) scholarships.[9] [10]

With over 28 years of corporate and public sector experience, Abdul Wahid has led three major organisations in financial services, telecommunications and infrastructure development. He led the transformation of Telekom Malaysia into a regional telecommunications group (prior to its demerger with Axiata in 2008) and spearheaded the turnaround of the UEM Group, Malaysia's leading infrastructure conglomerate following its takeover by Khazanah Nasional in 2001.

Abdul Wahid is a fellow of the Association of Chartered Certified Accountants (ACCA), United Kingdom, a member of the Malaysian Institute of Accountants (MIA) and the Institute of Chartered Accountants in England & Wales (ICAEW).

Careers

1987–2001: Early years

Abdul Wahid started his career with KPMG Peat Marwick in 1987. He then worked at an investment bank, Bumiputra Merchant Bankers Berhad from 1989 to 1991, joining the Corporate Banking Department. He was then appointed Senior Vice President, Finance, Administration & Secretarial of Kumpulan Fima Berhad from 1991 to 1994. He subsequently became Director of Group Corporate Services cum Divisional Director, Capital Market & Securities of Amanah Capital Partners Berhad from 1994 to 2001. Abdul Wahid also served as Chairman of Amanah Short Deposits Berhad and the Association of Discount Houses in Malaysia as well as Director of Amanah Merchant Bank Berhad during this period.[11]

2001–2004: United Engineers (Malaysia) Berhad (UEM) & UEM World Berhad

Abdul Wahid joined Telekom Malaysia as a Chief Financial Officer (CFO) on 1 March 2001 before he was appointed managing director cum Chief Executive Officer (CEO) of UEM Group in October 2001.[12] UEM Group (then UEM-Renong Berhad Group) was in the middle of debt restructuring plan when Abdul Wahid took over. It led to the takeover by Khazanah Nasional in 2001 which received mixed reactions by the public.[13] [14] The first step that Abdul Wahid did to address these predicaments was to unlock the value of its highway concessions led by PLUS Expressways. The toll concession was reviewed to lower the toll rate increase (from 5% pa to 3.2% pa) but increased every 3 years. This allowed space for UEM's debts to be restructured and thereafter undertook its IPO listing on Bursa Malaysia in July 2002.[15] Another step taken by Abdul Wahid was to dispose the non-core assets in order to reduce the Group's debt to a more manageable level.[16]

After years later, the Group's debt was halved to a more sustainable level of RM16 billion with the bulk of it in the form of project financing.[17] The UEM Group was back on profitable track with annual profit of RM500 million and revalued net assets of RM10 billion. Khazanah Nasional not only achieved its main objectives in the takeover but also doubled the value of its investments within 3 years.[18]

2004–2008: Telekom Malaysia Berhad (TM)

Abdul Wahid returned to Telekom Malaysia (TM) as CEO in July 2004 as part of the larger transformation plan of Government-linked companies (GLCs).[19] He was given a mandate to transform TM into a regional telecommunications company with a particular emphasis on mobile communications. His experience in turning around UEM Group and being the CFO of TM before had given him a very conducive environment to carry out the mandate.[20] [21]

He addressed the fundamentals of the business; organisationally, culturally, customer service wise and business wise.[22] As a part of the efforts to enhance shareholder value, it was decided that the TM Group would be better off being demerged into two separate listed entities.[23] TM International (now known as Axiata Group) with Celcom and other regional mobile communications business under its wings were successfully demerged and listed on Bursa Malaysia in April 2008.[24] [25]

This left TM being repositioned as the National High Speed Broadband (HSBB) Champion spearheading the national HSBB deployment in Public Private Partnership with the Government of Malaysia.[26] The demerger "unleashed" Axiata Group to grow further across Asia.[27] [28]

2008–2013: Maybank

In May 2008, Abdul Wahid was appointed president and CEO of Maybank, replacing Tan Sri Amirsham Abdul Aziz who was appointed a Minister in the Prime Minister's Department in charge of the Economic Planning Unit (EPU) after the 12th General Election.[29]

In the three months prior to his arrival, Maybank finalised three major acquisitions, An Binh Bank in Vietnam, Bank International Indonesia (BII) and MCB Bank in Pakistan.[30] [31] [32] [33] He faced three major challenges in the first few months at Maybank. Firstly, he had to follow through on the three major acquisitions costing some RM11 billion and to raise the necessary equity and debt capital required to fund the acquisitions.[34] [35] Second, to deal with the Global Financial Crisis that was unfolding with the collapse of Lehman Brothers, among others, in September 2008.[36] [37] And third, to improve the financial performance of Maybank.

While the corporate finance team was busy completing the three acquisitions, the rest of the management and staff members were busy implementing the performance improvement program called LEAP30 - a series of 30 initiatives identified to improve Maybank's performance and restore its market leadership.[38]

After 18 months, assets and deposits grew faster, customer service enhanced, asset quality improved and profit after tax bounced back to a record RM3.8 billion for financial year 2010. Maybank was back as the number one bank in Malaysia and the most valuable company listed on Bursa Malaysia.

Though this left the team, Board and shareholders happy, there was still a concern when it came to sustainability. Professional fatigue was evident and there was a need to revise the organisational structure and revisit the company's mission. Thus, a "Tiger Summit" was held in Putrajaya which gathered the top 1,000 managers and leaders. This summit agreed to adopt a new mission for Maybank of Humanising Financial Services. This means; to provide people with convenient access to financing, to provide fair terms and pricing, advising customers based on their needs, and being at the heart of the community.[39] [40]

This was not just a rallying call but a reason for being for the 40,000 Maybankers in Malaysia and across Asia. Organisationally, a new "House of Maybank" was created with three business pillars of Community Financial Services, Global Wholesale Banking and Insurance & Takaful with Islamic Financial Services and International Operations straddling across the three business pillars. With the new mission and new "house", Maybank continued to extend its leadership not only as the number one bank in Malaysia but also as one of the top regional banking groups with presence across all ten ASEAN countries.

2013–2016: Minister in the Prime Minister's Department

Abdul Wahid was appointed a Minister in the Prime Minister's Department in charge of Economic Planning on 5 June 2013. He oversees a number of government agencies such as Economic Planning Unit, Public-Private Partnership Unit (UKAS), Department of Statistics, Ekuiti Nasional Berhad (EKUINAS) and Talent Corporation (TALENCORP), TERAJU and Yayasan Pendidikan Peneraju Bumiputera.[41]

In a statement, Abdul Wahid admitted that being appointed (non-elected) one of the Ministers in the Prime Minister's Department is a humbling experience for him. He pledged that he will do everything in his power to help Malaysia in achieving the vision 2020 vision. He stated that he will use his vast banking experience to help Malaysia by applying it in his department.[42] [43]

He was a member of the Board of Directors of Malaysia Healthcare Travel Council, Council member of East Coast Economic Region Development Council (ECERDC), Northern Corridor Implementation Authority (NCIA), Council Member of Aerospace Malaysia, board member of Yayasan Peneraju Pendidikan Bumiputera and Chairman of Investment Committee of Innovation Agency of Malaysia.[44]

2016–2018: Permodalan Nasional Berhad

He was appointed Group Chairman of Permodalan Nasional Berhad (PNB) on 1 August 2016 following the completion of his term as a Senator and Minister in the Prime Minister's Department.[45] Under his leadership, PNB increased its syariah-compliant investment and financing product with the goal for Malaysia to be the centre of global Islamic banking.[46] [47]

On 29 June 2018, his resignation as the Group Chairman was confirmed by PNB and Malaysia's former Bank Governor Zeti Akhtar Aziz was announced to succeed his position.[48]

2019–present: Universiti Kebangsaan Malaysia and Bursa Malaysia

Abdul Wahid was appointed the new chairman of Universiti Kebangsaan Malaysia (UKM) board of directors on late 2018 to replace the leaving chairman, Tan Sri Dr Ibrahim Saad. He held the post from 1 November 2018 until 31 October 2021.[49] [50] [51]

He was appointed the chairman of Bursa Malaysia, the country's stock exchange on 17 April 2020 by the Minister of Finance, Tengku Zafrul Aziz. His term of office started on 1 May, following the retirement of his predecessor, Shireen Ann Zaharah Muhiudeen. The share price of the stock exchange rose following the announcement.[52] [53]

Honours and awards

Honours of Malaysia

Awards

Notes and References

  1. News: Wahid penerima myvi baru pertama . . . 12 November 2017 . 27 June 2019.
  2. News: Abdul Wahid appointed Bursa chairman . 17 April 2020 . 18 April 2020 . The Star. Malaysia.
  3. News: Najib Aroff . Khidmat untuk negara sudah berakhir - Wahid Omar . 29 June 2018 . Astro Awani . 29 June 2018.
  4. News."Malaysia’s new Cabinet", The Star, 15 May 2013. Retrieved 16 May 2013.
  5. Web site: Maybank announces retirement of President and CEO . maybank2u.com . Malayan Banking Berhad . 29 June 2018 . 26 February 2008.
  6. News: Bernama . Bernama . Abdul Wahid to resign as Maybank President & CEO on June 4 . 29 June 2018 . Astro Awani . 18 May 2013.
  7. News: Wahid: GLCs have done very well . 30 June 2018 . . 22 December 2017.
  8. Web site: Biodata Abdul Wahid Omar Pengerusi PNB Yang Baru . beritasemasa.com.my . 29 July 2016 . 29 June 2018.
  9. Web site: Dato' Seri Abdul Wahid Omar . mara.gov.my . Majlis Amanah Rakyat (MARA) . 29 June 2018.
  10. Web site: Amy Duff . Profile: Tan Sri Abdul Wahid Omar . economia.icaew.com . ICAEW Economia . 29 June 2018 . 8 May 2017.
  11. Web site: Time dotCom Annual Report 2001 . time.com.my . TIME dotCom Berhad . 29 June 2018 . 12.
  12. Web site: Telekom Malaysia Berhad Annual Report 2000 . tm.com.my . . 29 June 2018 . https://web.archive.org/web/20180630000330/https://www.tm.com.my/annualreport/downloads/past-year-annual-report/TM_AR2000.pdf . 30 June 2018 . dead .
  13. News: Khazanah takeover of UEM to boost market sentiments . 30 June 2018 . . 24 July 2001 . https://web.archive.org/web/20180701002720/http://ww1.utusan.com.my/utusan/info.asp?y=2001&dt=0724&pub=Utusan_Express&sec=Corporate&pg=co_02.htm . 1 July 2018 . dead .
  14. Book: John B. Kidd . Frank-Jürgen Richter . Trust and antitrust in Asian business alliances historical roots and current practices . 14 December 2003 . Springer . 0230523579 . 37 . 30 June 2018.
  15. Web site: Sonia Kolesnikov . Malaysia's PLUS launches $671 mln IPO . United Press International . 30 June 2018 . 10 June 2002.
  16. News: B.K. Sidhu . UEM-Renong finalises revamp . 30 June 2018 . . 28 March 2003.
  17. News: Darshini M. Nathan . PLUS on a steady path . 30 June 2018 . . 8 March 2003.
  18. Book: Sook Ching Wong . Jomo Kwame Sundaram . Jomo Kwame Sundaram . Kok Fay Chin . Malaysian "bail Outs"?: Capital Controls, Restructuring, and Recovery . 2005 . NUS Press . 9971693194 . 205–233 . 30 June 2018 .
  19. News: All eyes on new chief exec to bring reform to Telekom . 30 June 2018 . . 1 July 2004.
  20. Web site: Risen Jayaseelan . Telekom, a GLC revamp test case . khazanah.com.my . . 29 June 2018 . 7 . 27 December 2004.
  21. News: B.K. Sidhu . New heads for Telekom and TNB . 30 June 2018 . . 20 May 2004.
  22. News: Telekom's five-pronged strategy to be more profitable . 30 June 2018 . . 14 October 2004.
  23. News: Reuters . Telekom Malaysia to Demerge Fixed Line, Mobile Unit . 30 June 2018 . . 27 September 2007.
  24. News: TM International to list on April 28. . 12 April 2008 . 28 June 2010.
  25. Web site: TM INTERNATIONAL DEBUTS ON BURSA MALAYSIA MAIN BOARD A Vibrant Company With Strong Growth Prospects . axiata.com . . 30 June 2018 . 28 April 2008 . https://web.archive.org/web/20160817033544/https://axiata.com/mroom/news-article/93/ . 17 August 2016 . dead .
  26. Web site: Press Release: TM HSBB Public-Private Partnership project . malaysianwireless.com . 30 June 2018 . 16 September 2008.
  27. News: TMI unveils new name but limits itself to Asia . . 3 April 2009 . 28 June 2010.
  28. Web site: Axiata Group – One of Asia's largest telecommunications groups. Axiata. axiata.com. en. 2017-01-18. https://web.archive.org/web/20170118222934/https://axiata.com/mroom/news-article/132/. 18 January 2017. dead.
  29. News: Daliza Ariffin . Sarah Nadlin Rohim . Amirsham majukan Maybank . 29 June 2018 . . 27 February 2008 . https://web.archive.org/web/20180630003310/http://ww1.utusan.com.my/utusan/info.asp?y=2008&dt=0227&pub=Utusan_Malaysia&sec=Korporat&pg=ko_01.htm . 30 June 2018 . dead .
  30. News: Malaysia's Maybank buys into Vietnam's An Binh Bank . 1 July 2018 . Reuters. 24 March 2008.
  31. News: Clarence Fernandez . Saeed Azhar . Malaysia's Maybank in $2.7 billion bid for Indonesia BII . 1 July 2018 . Reuters. 26 March 2008.
  32. News: BII dibeli Maybank Malaysia . 1 July 2018 . . 26 March 2008 . id.
  33. News: Ioannis Gatsiounis . Maybank Makes Its moves . 1 July 2018 . . 11 July 2008.
  34. News: Maybank Shares Dive After Pricey BII Purchase . 1 July 2018 . . 27 March 2008.
  35. News: Maybank completes An Binh stake buy . 1 July 2018 . . 18 December 2009.
  36. News: M. Krishnamoorthy . Malaysia able to overcome global financial crisis . 1 July 2018 . . 17 November 2008.
  37. Web site: Impact of the US financial Crisis to Malaysia's Economy . fundsupermart.com.my . 1 July 2018 . 29 September 2008.
  38. Web site: Maybank Annual Report 2010 . maybank.com . . 2 July 2018 . 9, 11, 60–70.
  39. News: Elaine Ang . Maybank's new vision and aspirations . 2 July 2018 . . 17 September 2010.
  40. News: Maybank maintains path to humanise financial service . 2 July 2018 . . 26 July 2012.
  41. Web site: Tan Sri Abdul Wahid Omar . perdana.org.my . Yayasan Kepimpinan Perdana . 2 July 2018 . https://web.archive.org/web/20180703021925/https://www.perdana.org.my/perdana-podcast/notable-speeches-2/tan-sri-abdul-wahid-omar . 3 July 2018 . dead .
  42. News: Bernama . Bernama . Serving in the cabinet for three years a rare privilege - Abdul Wahid Omar . 2 July 2018 . . 2 June 2016.
  43. News."Abdul Wahid pledges to do his best", The Star, 16 May 2013. Retrieved 16 May 2013.
  44. News."YB Senator Dato' Sri Abdul Wahid bin Omar", CNBC.
  45. News: Wahid kembali ke dunia korporat . ms . Wahid returns to corporate world . Berita Harian . 1 August 2016 . 16 May 2020.
  46. News: PNB expanding Islamic agenda: Wahid Omar . Lidiana Rosli . 4 September 2017 . 16 May 2020 . New Straits Times.
  47. News: PNB mulls introduction of Islamic shares to Maybank . The Edge Markets . 16 August 2017 . Ahmad Naqib Idris . 16 May 2020.
  48. News: Sharifah Syed Jaafar . PNB confirms Wahid Omar to leave PNB, Zeti to be new chairman . 29 June 2018 . The Edge Markets . 29 June 2019.
  49. News: Abdul Wahid Omar to be UKM board chairman . . 5 November 2018 . 20 June 2019.
  50. Web site: Tan Sri Abdul Wahid Omar Chairman of the new UKM Board of Directors . Universiti Kebangsaan Malaysia . Asmahanim Amir . 3 November 2018 . 20 June 2019 .
  51. News: Prof. Emeritus Dato' Dr. Mohamad Abd Razak Appointed Chairman of UKM Board of Directors . Murniati Abu Karim . November 2, 2021 . November 16, 2021 . Universiti Kebangsaan Malaysia.
  52. News: Saham Bursa Malaysia baik berikutan kemungkinan pelantikan Wahid Omar . 17 April 2020 . 2 May 2020 . Astro Awani . ms.
  53. News: Bursa share rises on news of Wahid as chairman . 17 April 2020 . 2 May 2020 . The Malaysian Insight.
  54. Web site: Panglima Setia Mahkota (PSM) 21.02.2017 . istiadat.gov.my . Bahagian Istiadat & Urusetia Persidangan Antarabangsa - Prime Minister's Office . 29 June 2018 . 7 . ms.
  55. Web site: Semakan Penerima Darjah Kebesaran, Bintang dan Pingat . 14 January 2020. Search for "Abdul Wahid bin Omar"
  56. News: Pahang royalty heads state honours list . 29 June 2018 . . 25 October 2003.
  57. News: Sultan of Pahang's 77th birthday honours list . 29 June 2018 . . 24 October 2007.
  58. Web site: SSIS 2016. awards.selangor.gov.my.
  59. News: Wahid Omar leads 444 award recipients in conjunction with Tuanku Mukhriz's birthday . New Straits Times . Nur Aqiqah Azizi . 14 January 2020 . 14 January 2020.
  60. Web site: Tan Sri Wahid Omar . pnbcommercial.my . . 2 July 2018 . https://web.archive.org/web/20180703050459/http://pnbcommercial.my/tan-sri-wahid-omar . 3 July 2018 . dead .
  61. News."Wahid bags Asian award", The Star, 25 April 2013. Retrieved 16 April 2013.