Shahril Ridza Ridzuan, the CEO of Malaysia's 814.4 billion ringgit ($199.6 billion) Employees Provident Fund, will become managing director of Malaysian sovereign wealth fund Khazanah Nasional Berhad, according to a Khazanah news release Friday.
Mr. Shahril's appointment will be effective Aug. 20.
He replaces Azman Mokhtar as managing director of the government's strategic investment arm. Mr. Azman, and the other eight members of Khazanah's board, offered their resignations July 26 after the country's new prime minister, Mahathir Mohamad, criticized the fund for straying from its mandate.
The EPF, in an emailed statement, said Mr. Shahril “will remain as the CEO" through Aug. 20 "to ensure continuing and proper handover of duties at the EPF."
An EPF spokeswoman said there's no news to offer now regarding who will replace Mr. Shahril as CEO.