Three top Proton executives have quit. The executives are head of group finance Tan Seng Lee, head of internal audit, Colin Low, and head of public relations, Fauziyah Abu Hassan.

The reason for quitting is believed to be related to last month’s removal of Tengku Mahaleel as CEO. However, unnamed sources from within Proton says that it has nothing to do with earlier developments and Mr Tan had left for “better opportunities”.

On other Proton-related matters, Hyundai has outright denied that there are any tie-up talks with Proton. Hyundai’s local franchise holder is Sime Darby Sdn Bhd. There were also rumours of Sime Darby picking up the extra equity held by Khazanah Nasional but Sime Darby has also denied this.

The company said in an exchange filing with Bursa Malaysia: “Sime Darby wishes to inform Bursa Malaysia that it has no plans to acquire any substantial interest in Proton.”

Proton said yesterday that it was still open to equity deals but did not offer any information on who is in negotiation currently.

With all these Proton top officials out of the company including the CEO himself, it’s no wonder that http://www.proton.com.my/ skips the main page and goes straight to the Human Resource Careers page.

Sources:
Sime: No plans to buy big stake in Proton – NST
Three Top Executives Quit at Proton – Associated Press
Hyundai Says Not In Tie-Up Talks With Malaysia’s Proton – Dow Jones Newswire
Malaysia Proton Says Units Open To Equity Deals – Dow Jones Newswire