KUALA LUMPUR (Feb 22): Pharmaniaga Bhd has appointed Izaddeen Daud as its new non-independent non-executive chairman effective from Wednesday (Feb 22).

He has served on the board of Pharmaniaga as a non-independent non-executive director since March 2021. Izaddeen, who is also Boustead Holdings Bhd's group chief executive officer, has held several roles within Boustead Group.

He is the deputy group managing director, executive director for group business development and acting CEO of Boustead Properties Bhd.

He currently sits on the boards of Boustead Plantations Bhd and Boustead Heavy Industries Corp Bhd.

Pharmaniaga also announced the resignation of Datuk Zulkarnain Md Eusope and Zulkifli Jafar from the board. Zulkarnain is now redesignated as Pharmaniaga's CEO, and Zulkifli its deputy CEO.

Meanwhile, Dr Abdul Razak Ahmad is redesignated as a senior independent non-executive director of Pharmaniaga, while Boustead chief reinvention and strategy officer Ahmad Shahredzuan Mohd Shariff is appointed as the new non-independent non-executive director of Pharmaniaga.

Mohamed Iqbal Abdul Rahman is redesignated as Pharmaniaga's chief operating officer.

“These are aligned with Boustead’s group-wide policy to further encourage transparency, good corporate governance and separation between the board and management. This policy, which is applied in all operating companies within Boustead Group, is in tandem with the principles under the Malaysian Code on Corporate Governance,” said the group in a statement on Wednesday.

Pharmaniaga is the pharmaceutical arm of Boustead, and together with the Armed Forces Fund Board (LTAT) are the major shareholders of the company.