DRB-Hicom and Geely close to completing Proton transaction – Ahmad Fuuad leaves CEO post

DRB-Hicom and Geely close to completing Proton transaction – Ahmad Fuuad leaves CEO post

There has been much speculation of late on the appointment of a new CEO of Proton by Geely, the Malaysian carmaker’s new foreign strategic partner (FSP).

In response, DRB-Hicom has just issued a statement saying that both the conglomerate and Geely are “currently still in the process of finalising the transaction that was agreed upon in June this year” and that “an announcement will be made as soon as possible in regards to the same.”

UPDATE: Datuk Ahmad Fuaad Kenali will be Malakoff Corp Berhad’s CEO effective October 1

What’s for sure is that Proton with Geely in the picture will have a new CEO. This is because the departure of Datuk Ahmad Fuaad Kenali as CEO of Proton Holdings Berhad (PHB) has been confirmed. Fuaad, who assumed the CEO role in April 2016, will leave the post on September 30. Prior to that, he was COO/senior group director at DRB-Hicom.

“He has done an impeccable job in his short tenure at PHB. Under his watch, Proton had rolled-out four new models in a span of eight short months. He also played a vital role in closing Proton’s search for a suitable FSP. The need for an FSP in Proton was one of the key priorities of DRB-Hicom at the point of our acquisition of PHB in 2012,” said Datuk Seri Syed Faisal Albar, DRB-Hicom’s group MD.

DRB-Hicom and Geely close to completing Proton transaction – Ahmad Fuuad leaves CEO post

“During his leadership, Proton saw a consistent improvement in business operations. Both the Boards of DRB-Hicom and PHB express our utmost gratitude for his immense contribution both at DRB-Hicom and at Proton; ending with the highly successful outcome of having Geely as an FSP for Proton. Fuaad will be assuming a big role with a related company and the boards wish him the best for his future undertakings,” added Syed Faisal, who will continue with as chairman of PHB.

DRB-Hicom says that the completion of the corporate transaction is expected to materialise very soon. Currently, both parties are intensifying efforts to finalise the detailed business plan for Proton. The plan is vital towards producing a solid “roadmap” for Proton for the years ahead, and will incorporate strategies for both companies to develop new vehicles together for the global market, DRB-Hicom’s statement added.

DRB-Hicom and Geely hold 50.1% and 49.9% stakes in PHB, the holding company. Perusahaan Otomobil Nasional Sdn Bhd (PONSB) and Proton Edar Sdn Bhd are 100% subsidiaries of PHB. For all three entities, DRB-Hicom has one additional seat at board level; matching the 50.1% stake that it holds. An announcement will be made in due course in relation to the composition of the board of these companies.

Part of the Definitive Agreement signed between DRB-Hicom and Geely is to ensure that the Chinese carmaker not only holds an investment in Proton, but also for it to lend expertise in the area of production, manufacturing, operations and marketing, namely in PONSB. Upon completion of the corporate transaction, Geely will be nominating a suitable candidate as CEO of PONSB.

“PONSB is the bulk of the operations of Proton Group, and thus it is critical that we have the right person for the job. An announcement shall be made in due course,” Syed Faisal said.

Datuk Radzaif Mohamed will continue in his role as deputy CEO. Similarly, Abdul Rashid Musa, who was named as head of Proton Edar in February this year, will continue in his role. “With Radzaif and Rashid remaining in their positions, this ensures continuity within the Proton Group. It will also ease the transition of the future CEO of PONSB and this can only be good for the venture,” added Syed Faisal.

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Danny Tan

Danny Tan loves driving as much as he loves a certain herbal meat soup, and sweet engine music as much as drum beats. He has been in the auto industry since 2006, previously filling the pages of two motoring magazines before joining this website. Enjoys detailing the experience more than the technical details.

 

Comments

  • loyalburok on Sep 15, 2017 at 7:07 pm

    It’s a happy ending afterall. CHANGE

    Well-loved. Like or Dislike: Thumb up 78 Thumb down 1
    • Sinister on Sep 15, 2017 at 7:38 pm

      Lol…Proton going to get a Chinaman boss.

      Proton needs someone who is strict and ruthless to deal with their deceitful suppliers. Let’s see if he can last one year in the toxic environment of Proton.

      Well-loved. Like or Dislike: Thumb up 81 Thumb down 5
      • Hidden due to lowcomment rating. Click here to see.

        Poorly-rated. Like or Dislike: Thumb up 15 Thumb down 202
        • Madeyy on Sep 15, 2017 at 10:33 pm

          Hahahahahah…

          Well-loved. Like or Dislike: Thumb up 69 Thumb down 2
          • Mohd Ibrahim on Sep 16, 2017 at 8:04 am

            “He has done an impeccable job in his short tenure at PHB. Under his watch, Proton had rolled-out four new models in a span of eight short months.”

            Impeccabe job?

            1) Perdana failed. Just a rebadge and only gomen officers buy it

            2) Ertiga failed. Sales are too low to recoup royalty payment to Suzuki Japan

            3) Persona – sales are also very bad. No volume

            4) Saga – only success. This makes up 90% of Proton’s total sales.

            So what impeccable job is this? Proton just lost RM1.6 billion the last financial year just ended.

            Well-loved. Like or Dislike: Thumb up 388 Thumb down 13
          • karam singh on Sep 16, 2017 at 9:39 am

            impeccable failure.

            Well-loved. Like or Dislike: Thumb up 169 Thumb down 3
          • U do realise hes only had the job for a year or so?
            Can u name me any CEO in the world that managed to roll out 4 new models within 1 year on the job?

            Like or Dislike: Thumb up 4 Thumb down 66
          • Chris Tan on Sep 16, 2017 at 3:18 pm

            So shy. This is why Proton has failed over the years. Even when the company sales are so bad and they lose RM4 million per day also, they are given praises a good job has been done and IMPECCABLE.

            Like or Dislike: Thumb up 2 Thumb down 0
          • Dr Majid on Sep 16, 2017 at 7:16 pm

            The past one year, Proton borrowed RM1.5 billion plus another RM1.8 billion to keep the company afloat.

            Even with that borrowings, Proton officially announced a loss of RM1.6 billion.

            You could say Proton lost RM1.5 bil + RM1.8 bil + RM1.6 bil in just one year. Around RM4.9 billion down the drain.

            Is this Impeccable?

            Like or Dislike: Thumb up 2 Thumb down 1
          • nasi lemak on Sep 18, 2017 at 8:52 am

            lose billions also say job well done

            Like or Dislike: Thumb up 5 Thumb down 1
        • Fake Taxi on Sep 16, 2017 at 7:35 am

          Is this another fake news like Malaysia got cheapest petrol in the world and cheapest car prices in the world?

          Well-loved. Like or Dislike: Thumb up 111 Thumb down 2
        • Old horse on Sep 17, 2017 at 8:28 am

          Siok sendiri mind set…good luck in your life man…

          Like or Dislike: Thumb up 2 Thumb down 0
        • johnny on Sep 17, 2017 at 9:26 pm

          Appreciate if you could give 1 or 2 example of proton’s expertise?? I stress, cuz i can’t think of one

          Like or Dislike: Thumb up 1 Thumb down 1
        • Look at a brighter side. Proton can infect Geely with their lazy qualities. Then when the whole Geely and possibly the whole China manufacturing industry got lazy. Then we may be ahead of them.
          It’s a blessing in disguise. Old saying … when you can’t beat them, pull them down with you.

          Like or Dislike: Thumb up 1 Thumb down 1
      • Without that certain someone remote controlling P1, it is now taking sensible actions. Kudos to gov for allowing it to chart its own future independently.

        Well-loved. Like or Dislike: Thumb up 5116 Thumb down 4817
        • Huehue on Sep 15, 2017 at 10:34 pm

          Mari puji minyak naik..

          Like or Dislike: Thumb up 8 Thumb down 24
          • Mari puji Harvey, Irma, & Jose yg naikan minyak…

            Well-loved. Like or Dislike: Thumb up 1596 Thumb down 1397
          • Syoksyok on Sep 18, 2017 at 12:35 pm

            Sendiri up vote, sendiri syok. Mari kita puji john

            Like or Dislike: Thumb up 5 Thumb down 0
          • Aww. Did someone play ur game better than u did? Well, let me spankem around for u. Lolz!

            Like or Dislike: Thumb up 48 Thumb down 28
          • Pity J on Sep 19, 2017 at 5:32 pm

            Poor john…. Gotto up vote himself when can’t get enough sapot but still kantoi in the end. Pity him

            Like or Dislike: Thumb up 2 Thumb down 0
        • Chris Tan on Sep 16, 2017 at 7:45 am

          Habis la Proton workers. Now 20 years all lepak and rilaks. Wait when Geely take over fully and bring mainland workers in. They work like robots. No such thing as truancy also.

          Now Proton plant got bring problem of truancy aka tuang. Mainland people don’t tolerate truancy at all. Also, when they see the lepak attitude of Proton workers, they gonna get shock

          Well-loved. Like or Dislike: Thumb up 168 Thumb down 7
          • Ricardo on Sep 16, 2017 at 9:43 am

            Be positive. This an impeccable lifetime opportunity for Proton workers to improve & do something worthy atlast.

            Like or Dislike: Thumb up 20 Thumb down 1
          • Impeccable disappointing news for bashers. Now he must bash something else kawkaw.

            Like or Dislike: Thumb up 0 Thumb down 10
          • Fei Fen on Sep 17, 2017 at 8:21 am

            Proton became worse under DRB. Proton became even worse past 2 years and must borrow billions. Now get promote for this.

            Like or Dislike: Thumb up 2 Thumb down 0
          • BS. I work in Proton and everyone knows that i work hard 24/7

            Like or Dislike: Thumb up 1 Thumb down 1
        • Tan Sri ZamZam on Sep 17, 2017 at 10:07 pm

          Typical NL mindset… Blame here, blame there. When failure, can only blame others for own laziness. P1 is like Titanic, bringing the Rakyat with it

          Like or Dislike: Thumb up 2 Thumb down 0
      • Chris Tan on Sep 16, 2017 at 3:39 pm

        What will Proton do when China CEO says he wants to cut workforce from 12,000 to 6000?

        China CEO says Mitsubishi in Thailand produces 320,000 cars with a mere 6000 workers.

        Here, Proton has 12,000 workers producing 60,000 cars.

        What will Proton do?

        Like or Dislike: Thumb up 1 Thumb down 0
  • Driver on Sep 15, 2017 at 7:14 pm

    GREAT!

    Like or Dislike: Thumb up 22 Thumb down 1
  • Sonyman1 on Sep 15, 2017 at 7:28 pm

    The back one. Smiling all the way. The front shaking hands looks worried. The other one looks like maybe I won’t be here long.

    Like or Dislike: Thumb up 16 Thumb down 1
  • tokmoh. on Sep 15, 2017 at 7:33 pm

    Proton > all
    Geely > all

    Like or Dislike: Thumb up 5 Thumb down 18
  • Proton is like a women. Befriend with one after another but none will last long.

    Like or Dislike: Thumb up 25 Thumb down 15
    • No problemo as long got big bro Geely sapot.

      Like or Dislike: Thumb up 45 Thumb down 50
      • Tan Sri ZamZam on Sep 17, 2017 at 2:06 pm

        With this kind of attitude, even with Bank Negara sapot also big problem

        Like or Dislike: Thumb up 1 Thumb down 0
  • One of the best news ever. Tahniah and Syabas Geely Malaysia for the incoming tongsan CEO to teach the local company how to make cars. We cannot wait to see more changes at the ex-national car company.

    Like or Dislike: Thumb up 36 Thumb down 3
  • drMpower on Sep 15, 2017 at 9:05 pm

    Incompetence is the word for these half past six. Hopefully that ex MCA guy will be the ceo.

    Like or Dislike: Thumb up 3 Thumb down 18
  • Daaaayuummm on Sep 15, 2017 at 9:11 pm

    Proton is in for the China absolute business wrath… they have no room for empathy

    Like or Dislike: Thumb up 19 Thumb down 1
  • Bernard on Sep 15, 2017 at 9:28 pm

    Hope Proton is able to roll out BMW like cars at below RM50k or less each….

    Like or Dislike: Thumb up 13 Thumb down 6
    • What?? on Sep 15, 2017 at 10:21 pm

      You know that song, the one that goes “Dream on, dreeaam oonn”.

      Yeah, do exactly that.

      Like or Dislike: Thumb up 9 Thumb down 1
    • syer1n on Sep 16, 2017 at 2:45 pm

      If that car uses wood and nipah roof, your idea might be very realistic indeed.

      Like or Dislike: Thumb up 0 Thumb down 0
  • David Kam on Sep 15, 2017 at 9:46 pm

    Finally this incompetent mud has left! New life to proton!

    Like or Dislike: Thumb up 19 Thumb down 6
  • What?? on Sep 15, 2017 at 9:49 pm

    We have a Japanese man in Masuzumi Ogawa as Director of Quality and the new Proton CEO could potentially be a Chinese person.

    Looks like it could be a very strict working environment starting from October onwards.

    Like or Dislike: Thumb up 19 Thumb down 3
    • You had german guy wolfgang in factory previously. How did the company end up?

      Like or Dislike: Thumb up 10 Thumb down 2
    • Nazee on Sep 15, 2017 at 11:22 pm

      It’s only very strict working environment in MY. When they slack far too long, 32yrs to be exact…

      Like or Dislike: Thumb up 11 Thumb down 1
    • I ain’t gonna work under a jepunis director…

      Like or Dislike: Thumb up 0 Thumb down 0
  • isuzuki on Sep 16, 2017 at 8:21 am

    Hopefully everyone is happy now, and move on.

    Like or Dislike: Thumb up 3 Thumb down 1
  • Leadeship on Sep 16, 2017 at 9:08 am

    A strong leadership has no fear of implementing change to the organisation structure and operation. However, there will be some resistance to changes but these rebels need to be eliminated. Not an easy task to transform a company of 30 years of culture within 2 years by 2020. Good luck to your new team working with new CEO from Geely.

    Like or Dislike: Thumb up 20 Thumb down 1
  • Proton Asia Continental on Sep 16, 2017 at 11:43 am

    Make Proton Great Again! MPGA!

    Like or Dislike: Thumb up 12 Thumb down 6
  • heyheyman123 on Sep 16, 2017 at 9:42 pm

    Proton have more safety features, Proton doesn’t have any rear axle problem and Proton also have EV vehicles where Perodua doesn’t have any safety features, Perodua also having rear axle problem and Perodua also doesn’t have any EV vehicles. Buy Proton better, don’t buy Perodua

    Like or Dislike: Thumb up 1 Thumb down 0
    • Mig29ria on Sep 19, 2017 at 12:20 am

      Good marketing??? I have both model and I know which one is better quality, reliable, cheaper maintenance and good RV.

      Like or Dislike: Thumb up 0 Thumb down 0
  • adam mustafa on Sep 17, 2017 at 12:23 am

    A hard reboot is needed to start off with.
    Review, cancel & renegotiate lop sided contracts.
    (Alike Brahim’s 25 year catering contract with MAS)
    Review manpower requirement and come out with a leaner business plan.
    No use having too many low or no yield models.
    With only the Tg Malim plant left , the first task is to slash the over bloated work force.
    This may not be a good move with GE coming around but time for HR to crack the whip and ship out the underperforming lot.
    Desperate times calls for desperate measures.

    Like or Dislike: Thumb up 1 Thumb down 0
  • Mig29ria on Sep 17, 2017 at 12:35 am

    This is a good news, at least Geely’s CEO is true experiences and competence as an automotive personnel which Malaysian is lacking for international competitiveness.

    Like or Dislike: Thumb up 0 Thumb down 0
  • Now proton clowns are squeeze by their china lord, so got to say nice thing. Wait till the day the relationship turn sour (just like mitsu, suzuki, renault, honda) they will condemn Geely kow kow.

    Like or Dislike: Thumb up 1 Thumb down 0
  • Old horse on Sep 17, 2017 at 8:35 am

    It’s funny thing that the doing something has no economical return is considered an achievement…..rolling out tons of no one buy cars…achievement…

    Like or Dislike: Thumb up 1 Thumb down 0
  • After so many years they the proton never expect this to happen a china man sitting on the top post.well now everyone know what is chinaman business

    Like or Dislike: Thumb up 2 Thumb down 0
  • Semi-Value (Member) on Sep 18, 2017 at 8:59 am

    lol bye bye

    Like or Dislike: Thumb up 2 Thumb down 0
  • Osman on Sep 18, 2017 at 9:33 am

    Padan muka Proton. This is what you get for betraying your biggest customer base. The Malaysian rakyat. When you started in 1985, we supported you. But you betrayed us many times. Now many of us would rather by Korean than from you. Padan muka you. Hope you die faster, so that can save rakyat’s money

    Like or Dislike: Thumb up 2 Thumb down 0
  • passion on Sep 18, 2017 at 9:45 am

    good riddance. its time to move on to the next phase.

    Like or Dislike: Thumb up 1 Thumb down 0
  • Proton oh Proton on Sep 18, 2017 at 1:48 pm

    Hopefully CEO not run away after 1 year…hahaha

    Like or Dislike: Thumb up 1 Thumb down 0
  • Mr Suka Syukur Selalu on Sep 18, 2017 at 3:10 pm

    Mana mau taruh maruah, with Cina as the boss??
    Mana Ketuanaan Melayu??

    Like or Dislike: Thumb up 2 Thumb down 1
 

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