Megat Zaharuddin named Felda’s new chairman

He will replace Shahrir Samad.

Megat Zaharuddin was former Maybank chairman. (Bernama pic)

KUALA LUMPUR: State palm oil plantation agency, Federal Land Development Authority (Felda), said on Friday it had appointed the former chairman of the country’s biggest bank, Maybank, as its new chairman.

Megat Zaharuddin Megat Mohd Nor will replace Shahrir Samad, who was brought in last year with an aim of fixing management issues at the agency and rebuilding support for Najib Razak’s government among Malaysia’s palm oil settlers ahead of the May 9 general election.

Malaysia’s palm oil settlers, oil palm farmers working for Felda, have been grappling with the rising cost of living and high debt levels due to insufficient incomes.

But Shahrir resigned shortly after the shock election results in which Najib’s coalition was defeated by one led by 93-year-old leader Dr Mahathir Mohamad.

Megat Zaharuddin was chairman of Maybank for over seven years and has experience in the oil and gas sector for 31 years, Felda said in the statement.

“Seven new board members, excluding the chairman, including professionals and subject matter experts were also elected effective on the same day,” the statement said.

Shahrir was appointed as Felda’s chairman in January 2017.

Felda settlers form the majority of voters in at least 54 of the 222 seats in the national Parliament, and have been pivotal in the former ruling coalition, winning every election since Malaysia’s independence in 1957. - FMT