Malaysian Prime Minister Muhyiddin Yassin earlier this month named Petronas executive vice-president and group CFO Tengku Muhammad Taufik Tengku Aziz as the new president and CEO of the national company, while the current president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin was appointed as the new chairman of national carrier Malaysia Airlines.
Both appointments will take effect on July 1, according to a local media report. The leadership shuffle comes amid a challenging period of low oil prices, weak demand, and declining profits due to the coronavirus pandemic. It is also reportedly as part of changes at state agencies after PM Muhyiddin took office in March.
Tan Sri Wan Zulkiflee Wan Ariffin has been working in Petronas for nearly four decades. Mr Wan Zul, as he is known, started the job as a process engineer in the national oil company in 1983. He took over the current rank in 2015 and pioneered the ambitious $27-billion refining and petrochemical joint project with Saudi Aramco.
Mr Wan Zul's appointment as CEO in 2015 came just before a crash in oil prices which tumbled to near 12-year lows. This forced Petronas to slash $12 billion in costs and lay off thousands of staff for the first time. This year, oil prices collapsed again to below $20/barrel. Petronas' profits plunged 68% in Q1, and Mr Wan Zul said the company would adjust costs and overseas capex.
