Resignation of Mohammed Rashdan Yusof as Malaysia Airlines’ Deputy Group Chief Executive Officer
Subang, 12 June 2012: On this date, the Board of Directors of Malaysia Airlines (‘MAS’) wishes to announce the resignation of Mohammed Rashdan Yusof ('Rashdan') as Deputy Group Chief Executive Officer ('DGCEO'). Rashdan has agreed to remain in MAS and on the Board of MAS until 30 June 2012 to ensure a smooth handover and for seamless business continuity.
Rashdan was first appointed to the Board of MAS on 15 October 2010 as a Nominee Director from Khazanah Nasional Berhad ('Khazanah'), and subsequently as an Executive Director on 9 August 2011 following the execution of the Comprehensive Collaboration Framework (‘CCF’). His initial secondment from Khazanah led to a full-time management position of DGCEO in MAS on 1 October 2011.
As DGCEO, Rashdan has been instrumental in the formulation of MAS’s current Business Plan which was announced in Dec 2011. He assisted the GCEO to execute the key strategic levers of that Business Plan, the cessation of highly loss-making routes, as well as MAS’s low-cost carrier jet business unit. These strategic initiatives have recently shown positive results in MAS’s Q1 2012 earnings announcement, relative to the same quarter last year.
On 22 May 2012, MAS announced a Funding Plan to raise RM9.0 bn to re-establish a fresh footing for the airlines balance sheet to underwrite its recovery efforts. This financing plan is based on three pillars which includes the issuance of up to RM2.5bil of a Perpetual Sukuk by June this year, the setting up of a funding special purpose vehicle (SPV) owned by Minister of Finance Incorporated (MoF Inc) to raise RM5.3bil to pay for eight aircraft, and an aircraft loan facility of RM1.2bil to fund the capex for the remaining wide-body aircraft purchases in 2012. All these were achieved by a special team spearheaded by Rashdan.
Tan Sri Md Nor Yusof said, “Rashdan, or more fondly known by his nickname Danny to us, would be greatly missed by the Board and MAS. His contributions have been invaluable to MAS, especially in ensuring that MAS remains viable in going through this tumultuous time. Having assisted MAS in its recent business and funding plan, Danny has decided that it is time for him to move on and pursue other interests.
I regret that in past months, Danny has been most undeservedly and unfairly villified and maligned in the blogosphere. Contrary to such blog reports, Danny has displayed an exemplary work ethic and dedication during his tenure in MAS, and has been deeply committed to the turnaround of MAS. The Board also express concern over the rampant leakage of company confidential information that results in disinformation in the blogosphere. The CEO shares this concern and will undertake a major review of all information security protocols to develop a staff culture that will ensure that the company’s turnaround efforts are not undermined. That will also increase staff morale to realise our vision of being the preferred premium carrier.
The Board endorses Danny’s integrity, honesty and sincerity and considers his departure to be a genuine loss to the company. The Board also appreciates his commitment to continue to assist MAS whenever needed. As Chairman of the Board, I would like to express our heartfelt thanks to Danny and wish him farewell and all the best in his future endeavours.”
Ahmad Jauhari, the CEO of MAS, said of Rashdan, “I and many others who have had the pleasure of working with Danny would miss him greatly. He has been of tremendous assistance to me, and I fondly remember the many days when we were burning the midnight oil together, executing the Business Plan initiatives, whilst having to ensure operational continuity. He was instrumental in our Business Plan, and its execution which is now showing positive operational results. He helped me to identify our new talents in the senior management team and assisted in their recruitment too.
For me personally, it is a real shame that he is leaving. His efforts in designing and executing the Funding Plan is truly remarkable, especially raising some RM9bn+ when our equity market value is approximately RM3.7bn. Danny is a regular good guy who has worked hard to ensure the survival of MAS. On behalf of all the MAS staff, I thank him sincerely for all he has done for us, and wish him and his family well in the future.”
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