BCorp CEO Abdul Jalil to reportedly step down

Berjaya Corp's CEO Abdul Jalil Abdul Rasheed is reported to be stepping down from his role to pursue his personal interests. The reports came after he divested 15 million shares in the conglomerate, which also amount to a 3.318% stake in the company, according to a filing on Bursa.

At the same time, Jalil (pictured) tweeted on 18 March: "Priorities in life really change once you get COVID and spend time at home. The good thing was spending uninterrupted time with the kids." Jalil was appointed to his role last March and is the first non-family member to run Berjaya Corporation. A+M has reached out to BCorp for comment.

https://twitter.com/jalilword/status/1504720078369001473

Last year, the company rolled out a three-year strategic plan to transform itself into a consumer group with focused core business segments. Each segment will be led by respective sector heads who will report to Jalil. BCorp operates brands such as 7-Eleven, Starbucks, and Berjaya Hotels and Resorts. The five business segments will be reorganised as to retail, F&B, property, hospitality, and services.

Months later, the company divested its 30% equity interest in Razer Fintech to Razer Midas for a cash consideration of approximately RM223.89 million. Berjaya Fintech owned a 49% stake in Razer Fintech with the remaining 51% held by Razer Midas. Following the disposal, BFinTech now holds a 19% stake in the company.

At the same time, the group also divested its 70% stake in Berjaya China Motor for a cash consideration of approximately RM13.279 million and disposed of its printing business, Graphic Press Group for approximately RM 26.1 million. Jalil explained previously that the move is part of the Group’s transformation strategy to streamline its operations, divest non-core assets, and focus on higher growth opportunities across its core businesses to enhance shareholder value.

Amidst the business changes, BCorp also saw changes on the communications front, with Vijayaratnam Tharumartnam, PROTON's former director of group communications, joining as chief communications officer. He currently reports to Jalil.

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