Government may replace stock market chief, say sources

Tajuddin Atan’s term as CEO of the national stock exchange is scheduled to end in March next year. (Bernama pic)

KUALA LUMPUR/HONG KONG: Malaysia is looking to replace the CEO of the national stock exchange, two sources said today, the latest in a series of top management changes initiated by the newly elected government.

The sources gave no reason why the government was considering replacing Tajuddin Atan at Bursa Malaysia. His term is due to end in March next year.

A Cabinet meeting today could discuss Tajuddin’s position, one advisor to the government, who is aware of the private discussions and requested anonymity, told Reuters.

It was unclear, however, if a decision would be reached immediately.

“It’s going to be one of the priorities in the Cabinet meeting later,” said the source.

Malaysians dumped a coalition that had led the country for the entire six decades since independence in a shock election result last month.

The new government led by 92-year-old Dr Mahathir Mohamad, Najib Razak’s mentor-turned-foe, is seeking to unearth suspected graft that took place during Najib’s near-10 years in power, casting a cloud over the future of several top officials.

The source privy to discussions said internal candidates were being considered as potential replacements for Tajuddin, but no decision has been reached yet.

The source said the decision had come down to a choice between two candidates, both “from within” Bursa Malaysia.

However, another financial industry source said an external candidate from Hong Kong was also being considered.

Bursa Malaysia did not respond to a request for comment.

Prior to Tajuddin’s appointment to head Bursa Malaysia in 2011, he was the group managing director of RHB Capital Berhad.

The government is also in talks to appoint a new central bank governor and an announcement could come as early as today, two sources told Reuters yesterday.