Rashdan resigns as MAS deputy CEO
UPDATED @ 08:06:15 PM 12-06-2012
KUALA LUMPUR, June 12 — Malaysia Airlines (MAS) deputy group CEO Mohd Rashdan Yusof has resigned a mere eight months after taking up the role, the airline said today.
His resignation confirms weeks of speculation that the veteran corporate figure would leave the national carrier after helping to structure a fundraising exercise.
The reason given by MAS for Rashdan’s departure was that he had decided that it is time for him to “move on and pursue other interests” after having assisted MAS in its recent business and funding plans.
The Malaysian Insider earlier reported that Rashdan and his family have been under pressure since reports surfaced that they flouted the airline’s prohibition on children in the first-class cabin by allowing their toddler to accompany them in-flight.
The former senior Khazanah executive denied the claim and an internal investigation vindicated him.
MAS chairman Tan Sri Mohd Nor Yusof said in a statement this evening that Rashdan had been “unfairly vilified” and that the latter had demonstrated an exemplary work ethic and had been instrumental in the airline’s turnaround efforts.
Rashdan’s resignation also comes immediately after MAS revealed today that its RM2.5 billion perpetual sukuk to help fund operational expenditure has been fully subscribed with the first tranche taken up by the civil service pension fund (KWAP).
Rashdan was first appointed to the Board of MAS on October 15, 2010 as a nominee director from Khazanah Nasional Berhad, and subsequently as an executive director on August 9, 2011 following the execution of the Comprehensive Collaboration Framework (‘CCF’) with AirAsia.
His initial secondment from Khazanah led to the full-time management position of deputy group CEO on October 1, 2011.
During his short stint in MAS, Rashdan was in charge of short-haul operations, commercial, finance, corporate finance and strategic procurement units. This included the purchase of aircraft.
But the short-haul operations section was aborted when MAS decided to shelve plans for a short-haul premium airline.
Rashdan’s latest stint in MAS was his second involvement in restructuring the national airline in the past decade.
In 2002, Rashdan’s BinaFikir Sdn Bhd was instrumental in the restructuring of MAS under the Widespread Asset Unbundling (WAU) scheme. The other BinaFikir co-founder was Khazanah’s managing director Tan Sri Azman Mokhtar.
Yusof also said in his statement that the airline’s board was concerned over the “rampant leakage of company confidential information” that results in disinformation.
He added that the company will undertake a major review of all information security protocols to develop a staff culture that will ensure that the company’s turnaround efforts are not undermined.
MAS CEO Ahmad Jauhari said in a statement that it was a “shame” that Rashdan had decided to leave.
“His efforts in designing and executing the Funding Plan is truly remarkable, especially raising some RM9 billion when our equity market value is approximately RM3.7 billion,” he said.