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According to a report by The Malaysian Reserve, Tun Dr Mahathir Mohamad is set to be appointed chairman of Proton. Sources familiar with the company have told the publication that an announcement is expected to be made within the week.

Dr Mahathir’s appointment will see the withdrawal of Proton’s current executive chairman Tan Sri Mohd Khamil Jamil from his post, the report adds. The former PM will also be appointed chairman of Proton’s wholly-owned subsidiary Lotus plc.

“The papers have been signed and as a formality, it will be tabled for approval by the board at its next meeting,” a source told TMR. “This is an advantage to Proton. Dr Mahathir is actually taking the bull by its horns so to speak.

“He wants to see Proton succeed at all costs and if it requires micro-managing it, then he is prepared to do so. Dr Mahathir knows this is a make or break period for Proton and he is soaking up all the risks that come along with it.”

Dr Mahathir has been Proton advisor since he retired as PM in 2003. Proton recently appointed Datuk Abdul Harith Abdullah, previously DRB-Hicom group director for automotive and defence, as CEO.