Velesto Energy Berhad has announced the retirement of its chairman, Encik Mohd Rashid Mohd Yusof, after nearly nine years on the board.
The oil and gas services provider said Mohd Rashid stepped down as Non-Independent Non-Executive Chairman following the conclusion of the company’s 16th Annual General Meeting on June 3.
The retirement was undertaken voluntarily in accordance with the domestic voting guidelines of Permodalan Nasional Berhad, which prescribe a maximum tenure of nine years for nominee directors.
Mohd Rashid, 71, joined Velesto’s board on June 23, 2017 and played a key role in overseeing the company through a challenging period for the global oil and gas industry, including the sector downturn and subsequent recovery in offshore drilling activity..
A veteran of Malaysia’s energy industry, Mohd Rashid began his career with PETRONAS in 1980 and held a series of senior financial and management positions over more than three decades.
His roles at PETRONAS included Head of Group Accounting, Head of Group Treasury and Head of Group Internal Audit. He later served as Financial Director of Engen Limited before taking on leadership positions as Chief Executive Officer of Malaysian International Trading Corporation (MITCO), Managing Director and Chief Executive Officer of Engen in South Africa, and Vice President of Supply Chain and Risk Management at PETRONAS.
Mohd Rashid holds professional accounting credentials as a Fellow of the Association of Chartered Certified Accountants (ACCA) and is a member of the Malaysian Institute of Accountants.
Beyond Velesto, he has served on the boards of several prominent organisations, including Putrajaya Holdings Sdn Bhd, KLCC Holdings Sdn Bhd, Media Prima Berhad and Scicom (MSC) Berhad.
