PETALING JAYA: Tan Sri Azman Mokhtar has resigned as Axiata Group Bhd’s chairman, non-independent non-executive director and representative of Khazanah Nasional Bhd after 10 years of service.
In a filing with Bursa Malaysia, the group said that Azman’s resignation is effective today and follows his resignation as managing director of Khazanah, the major shareholder of Axiata. Azman, 57, served Khazanah for 14 years.
Axiata said in a statement that the group firmly established itself as one of the largest telecommunications groups in Asia under Azman’s stewardship, with its customers base growing from 40 million to almost 350 million with presence in 11 countries in the 10 years till December 2017.
Within the same period, revenue more than doubled to reach RM24 billion while market capitalisation improved 1.8 times from RM28.3 billion at its initial public offering in 2008 to RM49.6 billion as of December 2017.
“Azman’s vision, business acumen and professionalism had led Axiata to become a regional champion and an institution with a very strong governance practice. As chairman, he always ensured that we carried out our fiduciary duties in accordance with the highest accountability, and at the same time creating long-term value for our stakeholders,” said senior independent non-executive director Tan Sri Ghazzali Sheikh Abdul Khalid.
Axiata president and group CEO Tan Sri Jamaludin Ibrahim said Azman had in 2008 given the mandate to make the group a regional champion by 2015, which evolved into a vision to become one of the best professionally run companies and was achieved by end of 2015.
“One thing I will always remember is Azman’s consistent advice to management to focus on creating long-term value for shareholders rather than focusing purely on short-term profits, which would have been easier to achieve. Hence, business sustainability and growth is as important as short-term financial performance. He certainly doesn’t like short cuts,” he said.
He attributed Axiata’s leading position to Azman’s guidance, support and encouragement as chairman and thanked Azman’s for his leadership of the group.
Source: The Sun Daily