Jalil Rasheed, the president and group chief executive of Kuala Lumpur-based Permodalan Nasional Berhad, resigned Monday, according to a news release by the government-linked fund management company.
PNB's directors accepted Mr. Jalil's resignation and approved the appointment of his successor, to be announced after needed regulatory approvals are obtained, the news release said.
Mr. Jalil's resignation comes less than a year after his appointment to lead PNB, which was launched in 1978 with the goal of improving economic conditions for Malaysia's majority bumiputra population. PNB currently has assets under management of more than 300 billion ringgit ($70.2 billion).
Mr. Jalil could not immediately be reached for comment.
He was appointed to head PNB under the first Malaysian government since the country's independence in 1957 that wasn't dominated by the United Malays Nasional Organization. But the improbable coalition of opposition parties that came to power in May 2018 splintered in February, allowing UMNO to emerge again as the force behind a government with a narrow majority in parliament.
